Timbmet reorganisation leads to £4.6m loss

In its annual report posted at Companies House last month, the company said in the financial year there had been exceptional items in respect of reorganisation costs totalling £4.1m following its acquisition by the Hadleigh Timber Group Ltd a year ago.

“Since acquisition, the group has undertaken a detailed review of all business activities in order to improve customer service, operational efficiency and financial performance to ensure the business has a strong foundation upon which to build,” it said.

Turnover for the year ended March 31, 2017 was £77m, slightly up on the previous year, while staff numbers were 311, up five on 2016.