Jobs secured as timber merchant is sold out of administration
A buyer has been found for a Hull-based timber business which had been struggling with cashflow problems.
James Clark and Howard Smith, from Interpath Advisory, were appointed joint administrators to Timber Angel Limited on 9 January 2023.
The company sells timber products including sheet materials, garden and outdoor products and flooring, as well as tools, equipment and hardware.
It had experienced cashflow difficulties due to temporary disruption at one of its principal suppliers. After assessing their options, the directors took the difficult decision to seek the appointment of administrators.
Immediately following their appointment, the joint administrators concluded a sale of the Timber Angel Limited business and assets to Hull-based NR Burnett Limited. The deal sees nine employees of Timber Angel transfer to the purchaser.
Clark, managing director at Interpath Advisory and joint administrator, said: “Unfortunately, Timber Angel was significantly impacted by issues affecting one of its key suppliers.
“We are therefore pleased to have been able to safeguard the future of the business and wish the new owners and the employees all the very best for the future.”