Management in buyout of UCM Timber (Specialties) Ltd

UCM Timber (Specialties) Ltd, the only surviving part of the UCM Timber plc business, has been bought out by management for an undisclosed sum. UCM Timber (Specialties) chairman Mark Plews and directors Nigel King and Gary Mitchell have bought the business from administrators Duff and Phelps and have relocated its offices from central London to Croydon. Mr Plews told TTJ that the buyout meant a brighter future for the business and would help end uncertainty over its future. “The specialties business has always traded successfully and never went into administration but was caught up in the aftershock of the wider group failure, which created uncertainty, ” he said. “The business has now been re-structured and is in a very good position to provide a first-class sourcing and supply service to customers. ” “We retain our strong connections with our traditional worldwide suppliers in wood based panel products and other specialist timber products. ” “We would like to thank those loyal customers and suppliers who have supported UCM Timber (Specialties) Ltd over the recent difficult times and look forward to welcoming back others and attracting new partners. ” UCM Timber plc went into administration in February, though the specialties business did not go into administration as it had separate banking arrangements. Source: ttjonline