This company had got into difficultly after a management buyout in late 2013. The board of directors’ knew that the previous owner, who was owed money from the sale, was interested in buying the business back to try and recoup some of his losses.
Duchy Timber was the largest saw mill in Cornwall and in the South West of England.
We helped the board of directors place the company into Administration and conclude a pre-pack sale to the old owner. Interestingly the old owner had to pay new money for the business. He could not set off what he was owed against the purchase price.
Subsequently the business was successfully sold by the new owner in May 2015 to a regional operator Premier Forest Group Ltd.
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