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,鈥痶imber鈥痜encing and roof shingles.聽聽
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鈥檚 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: 鈥淪ilva Timber Products Limited has been one of the UK鈥檚 leading importers of speciality timber products, sourced from the world鈥檚 most reputable sawmills for more than 23 years.聽
鈥淯nfortunately, mounting external pressures, most notably reduced sales and rising costs, resulted in the business being unable to meet its financial obligations.聽
鈥淩egrettably, this meant staff were made redundant on the joint administrators鈥� appointment. We are supporting the employees affected to file claims with the Redundancy Payments Services.聽聽
鈥淲e would encourage any parties with an interest in acquiring the business or its assets to make contact with us as soon as possible.鈥澛�
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