Forest Garden says it has “reasserted” itself as the market leader in timber garden products after announcing £60m annual sales and a return to profitability.

The company said it had gone “from red to black” since former owner Michael Timmis took the business private again alongside chief executive Jonathan Halford following a management buyout from 3i in 2006.

“We achieved the turnaround primarily by separating the business into two divisions, a sawmilling division and a manufacturing division,” said Mr Halford.

The company’s bankers, Royal Bank of Scotland, nominated Forest Garden for “private turnaround of the year” at the recent Society of Turnaround Professionals awards.