James E Smith (Timber) Ltd has joined with two ex-North Sea Lumber managers to buy the assets of North Sea Lumber (Sales) Ltd (NSL) from administrators.
A new company, James E Smith (Northern) Ltd, has been created which effectively continues the value-added business of NSL trading division Quayside Timber, based at Hull’s Alexandra Dock. All 18 former Quayside staff have been retained.
Birmingham-based James E Smith has taken a 51% stake in the new company, with Paul Hill and Andrew Watkins, both formerly of NSL, taking a 26% and 23% stake respectively.
James E Smith finance director Brad Hurst said the company saw the acquisition as a good opportunity, especially due to the wide mix of customers enjoyed by Quayside.
“The former Quayside Timber business was a profitable business within the NSL group,” he said. “We have had three good years at James E Smith and are cash rich and had money in the bank. We have kept a lot of money within the company and reinvested it.”
NSL went into administration on June 25.
