Administrators at RKL Plywood have begun seeking a buyer for the business.

The company went into administration on Monday after suffering financial difficulties. TTJ understands that its debts amounted to £15m.

Alistair Wardel and Nigel Morrison of Grant Thornton have been appointed administrators at FG Hawkes (Western) Ltd, which trades under the name of RKL Plywood.

The Swansea-based company, formed in 1987, is a large importer of Chinese plywood and employs 27 people, the majority of them in Wales but also at additional sites in Bristol, Leeds, Londonderry and Old Kilpatrick, near Glasgow.

TTJ understands that there are moves to try to secure a management buyout of the firm.

RKL’s main funder has been Barclays and the company had been in the bank’s Business Support Function for several years, which aims to help struggling businesses.

More on this story will appear in the next issue of TTJ