Solid future for T P Jordeson & Co following MBO
HISTORIC timber exporting business T P Jordeson & Co has been acquired in a management buyout.
The York-based business, which has been trading since 1835, has been bought for an undisclosed sum by two of its senior management.
Former sales director Oliver Tompkin and operations manager Ben Scarborough have bought the business from majority shareholder Mark Briggs and shareholder David Edwards.
The two have become joint managing directors. Mr Briggs will remain with the business.
The deal has been advised by accountants and business advisers, JWPCreers and commercial law firm, Rollits.
Timber deal: (l-r) Rollits solicitor, Nasim Sharf; TP Jordeson new joint managing directors, Oliver Tompkin and Ben Scarborough; JWPCreers corporate finance partner, Tony Farmer; and JWPCreers tax associate, Alistair Byrne.
T P Jordeson & Co imports planed and sawn softwood from Scandinavia, Germany and the Baltic States, distributing to timber and builders’ merchants throughout the UK and the Republic of Ireland.
The company imports softwood timber and has a £13m turnover which it has grown by 10% in the last 12 months.
Mr Scarborough said: “This MBO has been planned for several years as the owners were seeking an exit strategy and reward for their hard work and Oliver and I were looking to secure our futures in running our own enterprise.
“In spite of the tough economic climate, particularly for the construction industry, a major end-user of our products, we have managed to increase turnover in the last year.
Mr Briggs, who will stay with the business in a consultancy role, said: “Timber has a great future in the UK for many reasons including its flexibility. I’m pleased to hand over to a younger team and look forward to the business going from strength to strength.”
Founded by Northumberland-born Thomas Powditch Jordeson, a former sailor who started to transport timber internationally, T P Jordeson once had offices in the City of London and in Russia but moved out to South Woodford, Greater London, in 1965 and to York in 2011.
JWPCreers corporate finance partner, Tony Farmer, says: “This is a good deal for all parties and a business which is a good addition to York’s commercial spectrum. It has been an interesting deal to advise on given the history of the business and the company has significant potential for the new owners as the economy slowly improves.”
