One of the largest timber groups In the UK – the National Timber Group England Ltd – has filed a notice of intention to go into administration.
The Sheffield-based company has leading brands such as Arnold Laver, National Timber Systems, SV Timber and NORclad. The business is the England-based part of the National Timber Group.
National Timber Group issued a statement on November 14.
“Like many other businesses in the sector, National Timber Group has been experiencing difficult trading conditions and liquidity challenges for some time. In response, the directors have been actively exploring options to stabilise and recapitalise the business,” said Mark Dixon, CEO, National Timber Group.
“These efforts have included implementing cost reduction measures, seeking additional funding, and considering the potential sale of some or all of the business.
“This period has inevitably caused disruption, leading to uncertainty for employees, customers, and suppliers. NTG is now in advanced discussions with an interested party regarding the sale of a substantial part of the business; and also with other potential funding partners.”
“To provide a period of stability during this process, notices of intention to appoint administrators have been filed in respect of each entity within the Group. As a result, interim moratoriums are now in place, preventing enforcement action from creditors. This measure allows the Group time to continue discussions with the interested party and to explore any other options that may be in the best interests of the business and its stakeholders.”
“It is important to note that the Group is not in administration at this time. Further updates will be provided as we progress through this period, with additional developments shared when possible.”
The company’s most recent set of accounts published at Companies House show a £6.3m loss for the year ended December 31, 2023. About 1,000 staff are employed by the business.
Parent company National Timber Group Midco has also filed a notice of intention to appoint an administrator.
