Administrators at Swiftwood Imports Ltd have sold the company’s site and laid off the remaining 11 staff.
Joint administrator Ian Carr of Grant Thornton said no viable offers for the business as a going concern were forthcoming.
He said Swiftwood’s Wisbech premises have been sold to another company in the timber sector, but a confidentiality clause prevented him from naming the purchaser.
Much of the stock has already been sold and an offer has been received for machinery.
“Swiftwood was in a difficult market to be honest,” said Mr Carr. “The market was very competitive and margins were tight.”
The company had been the subject of a management buyout in 2005 by Sebastian Di Cataldo and Peter Fiddling.
Its products include planed square edge construction timber, cladding, skirtings, architraves, window sections, decking, beads and quadrants.
