Anthony Collier and Richard Goodall of specialist business advisory firm FRP were appointed as Joint Administrators of Silva Timber Products Limited on 31st October.
Silva Timber Products, a supplier of cladding, decking and associated architectural products, was founded in 2000. The business had 30 employees and supplied timber products primarily to the house-building, self-build and landscaping markets. Its products include a range of specialised timber, composite decking, cladding, timber fencing and roof shingles.
A statement from FRP said that Silva Timber Products has faced challenging trading conditions primarily due to a fall in demand. This has resulted in cashflow difficulties that impacted the firm’s ability to operate.
The company has now ceased trading and the majority of its employees have been made redundant.
Richard Goodall, Restructuring Advisory Director at FRP and joint administrator of Silva Timber Products, 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.”
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