Administrators of Swiftwood Imports Ltd hope to sell the business as a going concern.
Wisbech-based Swiftwood, a machined softwoods distributor founded in 1982, called in administrators Grant Thornton last week.
Joint administrator Ian Carr told TTJ that the company had been advertised for sale in yesterday’s Financial Times. “We’ve had a number of enquiries for the business and we are actively pursuing those enquiries,” he said.
Swiftwood comprises three companies – the main business unit Swiftwood Imports with 27 staff, a holding company, and Kingham Transport Ltd, which has been closed by the administrators. Kingham, which transported Swiftwood’s products across England and Wales, has eight trucks, which will be sold, while eight drivers have been laid off.
Mr Carr said Swiftwood had incurred losses which “needed to be stemmed”.
“It’s a difficult market where you have got cheaper imports coming into the country. Swiftwood was looking to add value and was supplying the independent merchants. But you have large sheds who are able to buy very competitively.”
He said the company going into administration was clearly “not good news” for the staff, though he said many had anticipated the move. But he said new orders had been made and staff could see the business was still operating normally.
Swiftwood currently has £500,000 worth of stock, as well as a mill.
The company was the subject of a management buyout in 2005 by Sebastian Di Cataldo and Peter Fiddling. A £3.25m funding package from Lloyds TSB boosted the then new owners’ aim of capturing more of the added value market.
Swiftwood’s products include planed square edge consruction timber cladding, skirtings, architraves, window sections, decking, beads and quadrants.
