Fountains Ltd, the forestry arm of property services firm Connaught, has escaped being placed into administration with its parent company.
Before appointing administrators KPMG, Connaught said its subsidiaries, which include Fountains Ltd, would continue to trade normally.
Fountains carries out forest management, timber harvesting and timber marketing in both the UK and US, with almost a million acres of land under its management.
The effect of Connaught’s fall on the wider building supplies business, including the timber sector, remains to be seen, but rival Mears and others are lining up to take on its business.
Connaught collapsed after failing to secure funding to pay £220m of debt.
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