National Timber Group collapses with over 560 jobs axed

Directors from Alvarez & Marsal have closed 13 branches throughout England and Scotland and mothballed a number of manufacturing amenities as they transfer to stabilise the enterprise.

Remaining depots proceed to commerce whereas the workforce races to discover a purchaser for he £300m turnover enterprise.

Companions at Alvarez & Marsal, now operating 5 Nationwide Timber Group corporations, have launched an pressing sale course of amid fears of additional provide chain disruption heading into the winter slowdown.

The Sheffield-based group was constructed across the Arnold Laver model, based within the metropolis in 1920, and expanded through the years via Thornbridge, NYTimber and Rembrand Timber acquisitions. In the present day the group employs 1,150 workers throughout 47 websites.

However an extended spell of weak buying and selling and tightening cashflow lastly introduced the enterprise down.

Alvarez & Marsal accomplice Michael Magnay stated: “Nationwide Timber Group is the UK’s main timber provider to joiners, housebuilders and contractors, working below a lot of broadly recognised manufacturers.

“As Joint Directors, we’ve got launched an accelerated sale course of, and we encourage any events to contact us as quickly as doable. We’re inspired by the extent of curiosity up to now and we’re hopeful of discovering a purchaser for all or components of the group.”