Cowley Structural Timberwork Ltd has gone into administration.

Stuart Mackellar and Peter Holder, partners in the Leeds office of Kroll’s Corporate Advisory and Restructuring Group, were appointed joint adminstrators at the business on January 26.

A trussed rafter specialist and one of the UK’s market leaders in high specification wood construction, particularly in the use of engineered timber products in complex structures, Cowley had a turnover of £3m and employed 50 people.

The administrators said that the Waddington, Lincolnshire-based business had been “experiencing financial difficulties as a result of cash flow problems”.

On taking over, they made 14 employees redundant, but said that they were continuing to trade the company and were aiming to sell it as a going concern.

“We believe Cowley Structural Timberwork will be attractive to many companies within the timber and building sectors and have already received interest from third parties,” said Mr MacKellar.

&#8220It is still early in the administration process, but we are hopeful we can secure a going concern sale”

Stuart Mackellar Kroll’s Corporate Advisory and Restructuring Group

“It is still early in the administration process, but we are hopeful we can secure a going concern sale. The company has an excellent reputation for its intricate timber products, evidenced by us having already recieved expressions of interest, which is encouraging.”

Cowley has undertaken many high profile, prestige projects over the years, recently working on the Scottish Parliament building.

Managing director Gordon Cowley was one of the speakers at the Institute of Wood Science conference last autumn and was due to address the TRADA In Touch with Timber event in March.