Less than a year after it went through a management buy-out, timber importer and distributor Snows Timber went into administration on November 18.
Matt Haw and Matt Wild from RSM Restructuring Advisory LLP have been appointed joint administrators of the 200 year old company.
The administrators want to sell the business in its entirety or as two separate facilities – Snows has a 10-acre sawmill and distribution centre in Mansfield and a seven-acre sawmill and distribution centre in Andover with wood treatment plant. Timber stocks are valued at approximately £3m.
The head office is based in Towcester, while a small accounting operation is based at Long Sutton, near Glastonbury in Somerset, where the business started back in the 1800s. Around 74 members of staff have been made redundant.
“It is always sad to see a long-established company enter into administration, but the directors were left with little choice given the cashflow difficulties they faced,” Haw said.
Snows Timber was bought from its previous owners the Bradford Group in March by managing director Ian Church, Craig Willoughby, supply chain and operations director and Adam Cray, finance director.