A County Durham timber company is set for investment after being snapped up by new owners.
GT Timber, the holding company of Taylormade Timber Products and Kerr Timber Products, has been acquired by sawn timber specialist James Jones & Sons in an undisclosed deal.
The firm, which operates sawmills in Durham and Annan and has 225 employees, is now gearing up for growth after becoming part of the Sterlingshire group, which is the 海角视频’s largest privately owned sawmill, timber engineering and pallet manufacturing company, operating eight saw lines.
James Jones & Sons makes carcassing, fencing, pallet wood, heavy-sections and engineered timber products and now employs more than 1,200 people.
Jilly Wentworth, managing director of GT Timber, said: “On behalf of our shareholders and employees, I am very pleased that GT Timber will become part of the James Jones Group.
“Their extensive timber industry experience and financial strength will allow the investment programme that we have already started to reach a successful conclusion.
“The sale process was completed quickly and smoothly, reinforcing our long-held view that James Jones & Sons is a family company, which shares our values, ethos and philosophy. We are very excited about the future.”
Tom Bruce-Jones, chairman of James Jones & Sons, said: “We are delighted to have concluded this transaction and are really pleased that the existing management team are staying on within the enlarged group to provide continuity, facilitate the integration and to help realise our long term strategic plans.
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“The sawn output from both mills will complement our portfolio and will allow us to offer increased product opportunities for our existing, and newly expanded, customer base.”
Corporate finance and accounting advice was provided to the selling shareholders by long-term company advisors RMT Accountants & Business Advisors, with legal advice provided by Yorkshire law firm Lupton Fawcett.
Michael Cantwell, head of corporate finance at RMT Accountants, added: “GT Timber is a fantastic example of everything that a successful, well-run family business should be, and we’re extremely pleased to have been able to help the shareholders realise their objectives from this deal.”
Dan McCormack, corporate partner, Lupton Fawcett, said: “It was a pleasure working for Jilly, Suzie and the other shareholders on the transaction. The fact that the existing management team is remaining in the business should help the GT Timber group go from strength to strength under the ownership of James Jones & Sons.”