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Management buy-out at T P Jordeson & Co timber business
ONE OF the UK’s longest-established timber exporting businesses has been acquired in a management buy-out.
T P Jordeson & Co Ltd, York, which has been trading since 1835, has been bought for an undisclosed sum by former sales director Oliver Tompkin and operations manager Ben Scarborough.
They bought the business from majority shareholder Mark Briggs and shareholder David Edwards in the deal advised by accountants and business advisers JWPCreers and commercial law firm Rollits, both based in York.
The business based in Lawrence Street has a £13 million turnover which has grown by ten per cent in the last 12 months. it imports planed and sawn softwood from Scandinavia, Germany and the Baltic States and distributes to timber and builders’ merchants throughout the UK and the Republic of Ireland.
Mr Scarborough said: “This mangement buy-out 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, which is a major end user of our products, we have managed to increase turnover in the last year.
“The business is well placed to grow substantially as the economy improves and demand for sustainable building products increases in the construction sector.”
Mark 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, T P Jordeson once had offices in London and Russia but moved out to South Woodford, Greater London, in 1965 and to York in 2011.
JWP Creers’ corporate finance partner, Tony Farmer, said: “This is a good deal for all parties and a business which is a good addition to York’s commercial spectrum. It has been an interesting deal to advise on given the history of the business and the company has significant potential for the new owners as the economy slowly improves.”