North Yorkshire timber firm announces merger
North Yorkshire Timber has merged with Thornbridge, a Scottish timber processing and distribution company, creating an enlarged group revenues in excess of £50m.
The enlarged group will have 15 branches across the UK, generating revenues of over £50 million and employing over 360 people.
The deal was supported by further investment from Cairngorm Capital Partners LLP and is the next step in the strategy to consolidate the UK value added timber distribution sector.
Established in 1979, North Yorkshire Timber is head-quartered in Northallerton and is one of the largest independent timber merchants in North Yorkshire and the North East of England.
It also as a dedicated 120,000 sq ft design, manufacturing and distribution centre in Brompton-on-Swale and is supported by seven branch outlets. In 2017, NYTimber had revenues of over £18m and employed over 200 staff.
Following the merger, the enlarged group now has an established distribution network across Scotland and the North of England, served by a central manufacturing hub in each region, providing the platform for further growth.
NYTimber’s roofing solutions complement and extend the Thornbridge product offering, with customers now able to access a comprehensive range across timber, sheet, doorsets and roofing products. NYTimber’s senior management team will continue to lead the NYTimber business and Nick Kershaw, NYTimber Managing Director, will join the Group Board.
David Cook, the founder of NYTimber, is exiting the business. Thornbridge and NYTimber will continue to be headquartered in Grangemouth and Northallerton respectively and both businesses will continue to trade under their existing brands.
Nick Kershaw, managing drector of NYTimber, said: “We welcome the investment from Cairngorm Capital – this deal will support the growth ambition of NYTimber’s management team. Combining with Thornbridge is the perfect partnership for two businesses which share a commitment to innovation and the highest standards of customer service. There are great opportunities across the sector and the alignment of our goals, values and vision, offers significant strategic benefits for both organisations.”
Bruce Muirhead, managing director of Thornbridge, added: “We are delighted to see such a well-respected company with significant market presence joining the group, bringing together the leading timber merchants in Scotland and the North East of England. There is a clear fit between the two businesses and the combination creates exciting opportunities. We have much in common in terms of our heritage and commitment to outstanding product quality and customer service. Our product ranges are highly complementary. Together, we will be well equipped to pursue new opportunities for innovation and growth, to the benefit of our customers and employees. “
Thornbridge and Cairngorm Capital were advised on this transaction by BDO (financial and tax), Addleshaw Goddard (legal), CIL (commercial), JLT (insurance) and Clive Owen LLP (financial advisory). NYTimber shareholders were advised by Ward Hadaway (legal). PNC Business Credit provided bank facilities to support this transaction.
