Consolidated Timber has boosted its turnover to £65m and broadened the scope of its business with the acquisition of panel product importer and specialist manufacturer Hoffman Thornwood plc.
Consolidated, which acts as the holding company for Compass Forest Products, Falcon Panel Products and MBM Forest Products, bought Walthamstow-based Hoffman last week for an undisclosed sum from owner-directors Michael Laughlin and Howard Cohen. Both Mr Laughlin and Mr Cohen acquire shareholdings in Consolidated Timber and seats on its board as a result of the purchase.
The deal brings Consolidated Hoffman’s £5m business in panel product importing and panel product machining located at its Walthamstow site which employs around 100. Hoffman machines OSB, MDF and chipboard to industrial customers’ specifications.
Executive chairman of Consolidated Nick Meyer, who set up the business in 1985 after a long period as managing director of Meyer International plc, said: ‘We’ve had a close relationship with the principals of Hoffman for some years and we see this deal taking us into specialist machining – a new area of the trade for us. Hoffman is a leading player in panel product machining.’
Mr Meyer added that the new addition would enhance Consolidated’s profitability.
