Thu, 02 Nov 2023 | BUSINESS SALE
Silva Timber Products, a Cheshire timber merchant, has fallen into administration. The company, which is based in Widnes, supplied a wide range of specialist timber, timber fencing, composite decking, cladding and roof shingles.
The company had experienced difficult trading conditions, largely as a result of a fall in demand. This led to the business encountering cash flow difficulties that negatively affected its ability to trade, ultimately resulting in the firm entering administration.
Anthony Collier and Richard Goodall of FRP Advisory were appointed as joint administrators to the company on October 31, with the firm ceasing trading and the majority of its staff made redundant, barring a small number temporarily retained to assist the administrators.
Following their appointment, the joint administrators have said that they will seek to find buyers for the business and assets of the company. In Silva Timber’s accounts for the year to December 31 2022, its fixed assets were valued at slightly over £1 million and current assets at around £3.3 million. At the time, its total equity amounted to £1.2 million.
Commenting on the company’s collapse, joint administrator Richard Goodall 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."
Read more about rising insolvency levels in the UK
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