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.

"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," chairman Mark Plews 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."