Silva Timber of Widnes appoints administrators
Silva Timber Products Limited of Widnes has appointed administrators following cashflow difficulties.
Anthony Collier and Richard Goodall of specialist business advisory firm FRP were appointed as the Joint Administrators of Silva on 31 October 2023.
Based in Widnes, Cheshire, the business had 30 employees and supplied timber products, offering a range of specialised timber, composite decking, cladding, timber fencing and roof shingles.
Founded in 2000, Silva Timber imported speciality timber products and the customer base ranged from large contractors and builders, to architects and landscapers, as well as self-build projects.
Recent notable projects included Durham University, Center Parcs, Waitrose and Marks & Spencer.
The company has faced challenging trading conditions primarily due to a fall in demand which has resulted in cash flow difficulties and impacted its ability to operate. Unfortunately, the Company ceased trading and was placed into administration; the majority of employees made redundant shortly following appointment.
Abbreviated accounts published in September 2023 covering the year to December 2022 revealed creditors owing them amounting to £2,370, 621, and net assets of £1,231, 259.
A small number of employees have temporarily been retained to help the Joint Administrators prepare the assets for sale.
Richard Goodall, restructuring advisory director at FRP and Joint Administrator, said: “Silva Timber Products Limited has been one of the UK’s leading importers of speciality timber products, sourced from the world’s most reputable sawmills for more than 23 years.
“Unfortunately, mounting external pressures, most notably reduced sales and rising costs, resulted in the business being unable to meet its financial obligations.
“Regrettably, this meant staff were made redundant on the Joint Administrators’ appointment. We are supporting the employees affected to file claims with the Redundancy Payments Services.
“We would encourage any parties with an interest in acquiring the business or its assets to make contact with us as soon as possible.”
The asset sale will be led by Hilco Global.
