Fri, 04 Nov 2011 | ADMINISTRATION
Administrators for Chesterfield-based children's outdoor play equipment manufacturer, Timberline, have embarked on an intensive search for a buyer for the company, after it was forced out of business.
Timberline, which has been designing and constructing hardy playgrounds across the country for more than 20 years, called in administrators from Hart Shaw on Wednesday, November 2, after succumbing to a sharp downturn in orders.
The company operates from headquarters and two separate factories on Chesterfield's Foxwood Industrial Estate.
One of the joint administrators, Hart Shaw's Christopher Brown, said that the company had been dealt a decisive blow by the drying up of contracts from the education sector, due to public spending cut backs.
Brown added that prior to the economic downturn, however, Timberline had been at a strong point where it had an annual turnover of around £9 million, so they would be looking to keep the business running while the search is carried out, and sell it on as a going concern.
"The directors reacted quickly to the changing circumstances of the company and sought expert professional advice," Brown explained. "The administrators are continuing to trade the business whist it is marketed for sale as a going concern."
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