Russian timber importer Tsar Timber Distribution Ltd has gone into administration.

Richard Fleming and Julian Whale from KPMG Corporate Recovery were appointed joint administrators on December 9.

Mr Fleming said: “At present we are continuing to trade the business as a going concern and are very hopeful of finding a buyer.”

KPMG said its appointment had come after Tsar Timber experienced a period of financial difficulty prompted by a significant decrease in the market price of timber over the last few months.

Tsar Timber, which has offices in Goole, Shoreham and Ipswich, employs 10 staff in the UK and turned over £9m last year.