A South West timber merchant has been sold out of administration, preserving the future of 60 jobs.
Duchy Timber Limited entered administration earlier in November, after heavy rain in summer 2012 led to a reduced demand for wood.
David Kirk of Kirks Insolvency and Gilbert Lemon of Smith and Williamson were appointed as joint administrators to the company on 4 November.
The company was traded for a short period before a sale to Kernow Timber, also located in the South West, was completed.
Duchy Timber’s 60 staff have been transferred to the new owners.
Kirk said: ““I am pleased to announce we have sold Duchy Timber as a going concern retaining all the current 60 staff.
“It is very good news for Lostwithiel where the main saw mill is based (and 42 of the 60 staff based there) as the site faced possible closure if we had not found a buyer.
“The company was subject to a buy out two years ago but struggled recently and did not have the cash flow to survive the much quieter winter trading months”
Duchy Timber, established in 1958 as part of the Duchy of Cornwall Estate, trades from locations in Cornwall, Devon and Torbay, operating a lumber facility and sawmill.