TIMBER business TP Jordeson & Co has been acquired in a management buyout.
The York-based company, which has been trading since 1835, has been bought for an undisclosed sum by two of its senior management.
Former sales director Oliver Tompkin and operations manager, Ben Scarborough, have bought the business from majority shareholder Mark Briggs and shareholder, David Edwards. The two have become joint managing directors. Mr Briggs will remain with the business.
TP Jordeson & Co imports planed and sawn softwood from Scandinavia, Germany and the Baltic States, distributing to timber and builders’ merchants throughout the UK and the Republic of Ireland.
The company has a £13m turnover which it has grown by ten per cent in the last 12 months. Mr Scarborough says: “This MBO has been planned for several years as the owners were seeking an exit strategy and reward for their hard work and Oliver and I were looking to secure our futures in running our own enterprise.
“In spite of the tough economic climate, particularly for the construction industry, a major end-user of our products, we have managed to increase turnover in the last year.
“Softwood timber is a highly-versatile and environmentally-friendly building material. All of our timber is sourced from well-managed forests and conforms to the most stringent environmental regulations laid down by both the Forest Stewardship Council (FSC®) and the Programme for the Endorsement of Forest Certification (PEFC).
“The business is well placed to grow substantially as the economy improves and demand for sustainable building products increases in the construction sector.”
The advisers on the deal were accountants and business advisers, JWPCreers, which has offices in York and Selby, and commercial law firm, Rollits, which has offices in York and Hull.
Mr Briggs, who will stay with the business in a consultancy role, said: “Timber has a great future in the UK for many reasons including its flexibility.
“I’m pleased to hand over to a younger team and look forward to the business going from strength to strength.”
Founded by Northumberland-born Thomas Powditch Jordeson, a former sailor who started to transport timber internationally, TP Jordeson once had offices in the City of London as well as in Russia but moved out to South Woodford, Greater London, in 1965 and then to York in 2011.