Cheshire timber merchant Silva Timber Products Limited has stopped trading and been put into administration.
Consultants Anthony Collier and Richard Goodall of specialist restructuring firm FRP Advisory have been appointed joint administrators of the Widnes-based business.
Silva offered a range of specialised timber, composite decking, cladding, timber fencing and roof shingles.
However, the company faced “challenging trading conditions” including a fall in demand which resulted in cash flow difficulties.
Most of the business’ 30 employees have been made redundant, however some have temporarily been retained to help prepare the assets for sale.
The sale of company assets will be led by financial services company Hilco Global.
“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,” said Goodall.
“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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