Hull timber merchant, Timber Angel Limited, has been sold out of administration.
The company had experienced cashflow difficulties as a result of temporary disruption at one of its principal suppliers. After assessing their options, the directors took the decision to seek the appointment of administrators.
Immediately following the appointment of James Clark and Howard Smith from Interpath Advisory as joint administrators on 9 January 2023, they concluded a sale of the Timber Angel Limited business and assets to Hull-based N.R.Burnett Limited.
The transaction sees nine employees of Timber Angel transfer to the purchaser.
James 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.”
