Historic UK timber product distributor Snows Timber in administration25 November 2019
Snows Timber has been put up for sale after the company went into administration on November 18.
Matt Haw and Matt Wild from RSM Restructuring Advisory LLP were appointed joint administrators of Snows, which was established about 200 years ago, and Hilco Industrial is advertising the business for sale, with all interest to be registered by November 25.
RSM said 74 members of staff have been made redundant while 18 people have been retained in the short-term to assist the administrators while a buyer is sought for the business and assets.
“It is always sad to see a long-established company enter into administration, but the directors were left with little choice given the cashflow difficulties they faced,” said Matt Haw, RSM joint administrator.
The development comes just eight months after Snows Timber was the subject of a management buyout by Ian Church (MD), Craig Willoughby (supply chain and operations director) and Adam Cray (finance director).
The team has their bid for a management buyout approved by previous owner the Bradford’s Group in January 2019 and the deal was completed in March.
Administrators want to sell the business in its entirety or as two separate facilities – Snows has a 10-acre sawmill and distribution centre in Mansfield and a seven-acre sawmill and distribution centre in Andover with wood treatment plant. Timber stocks are valued at approximately £3m.
The head office is based in Towcester, while a small accounting operation is based at Long Sutton, near Glastonbury in Somerset, where the business started back in the 1800s.
“Regrettably, we have had to make a number of staff members redundant and we will be assisting them with their claims to the Redundancy Payments Office," added Mr Haw.
“We are now seeking a buyer for the business and assets and would be very keen to hear from interested parties. We anticipate that there will be strong interest in the company's milling and distribution facilities from other market participants.”