Directors from Alvarez & Marsal have closed 13 branches throughout England and Scotland and mothballed a number of manufacturing services as they transfer to stabilise the enterprise.
Remaining depots proceed to commerce whereas the group races to discover a purchaser for he £300m turnover enterprise.
Companions at Alvarez & Marsal, now working 5 Nationwide Timber Group firms, 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. As we speak the group employs 1,150 workers throughout 47 websites.
However a protracted spell of weak buying and selling and tightening cashflow lastly introduced the enterprise down.
Alvarez & Marsal companion Michael Magnay stated: “Nationwide Timber Group is the UK’s main timber provider to joiners, housebuilders and contractors, working beneath quite a few extensively recognised manufacturers.
“As Joint Directors, we have now launched an accelerated sale course of, and we encourage any events to contact us as quickly as potential. We’re inspired by the extent of curiosity to date and we’re hopeful of discovering a purchaser for all or elements of the group.”
