Durham timber company set for growth following acquisition by UK's largest sawmill
A Durham timber company has been acquired by the UK’s largest privately owned sawmill.
Sawn timber specialist James Jones & Sons has acquired GT Timber, the holding company of Taylormade Timber Products and Kerr Timber Products, which operate sawmills in Durham and Annan respectively, which together employ 225 people.
With the latest acquisition, James Jones & Sons now employs over 1,200 people and operates eight sawlines.
Corporate finance and accounting advice was provided to the selling shareholders by Michael Cantwell, Anthony Andreasen and Paul Gainford of long-term company advisors RMT Accountants & Business Advisors, with legal advice provided by Yorkshire law firm Lupton Fawcett, led by corporate partner Dan McCormack.
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.
“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.”
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.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular North East morning email for free.