Xylotek - Administration

Xylotek, a Bristol-based company which offered comprehensive services for the construction of high-quality advanced timber structures, had its business and certain assets sold out of administration to Carpenter Oak Build via a pre-pack deal on 31 July.

The company achieved rapid growth in 2022, winning industry awards and subsequently doubling its turnover in 2023. This rapid growth led to working capital challenges which had knock-on effects in performance.

Despite obtaining further funding and restructuring the business, the company continued to struggle. These problems were exacerbated by the insolvency of Xylotek’s main subcontractor.

In February 2024, Xylotek engaged ReSolve’s Turnaround and Debt Advisory Team led by Andrew Pepper to conduct a marketing process. A solvent investment deal was nearly secured, but the prospective investor pulled out at the eleventh hour. The ReSolve team then worked rapidly to negotiate a pre-packaged sale with an independent purchaser.

Simon Jagger and Ben Woodthorpe were appointed as joint administrators on 31 July and completed the sale to Carpenter Oak Build, a UK leader in the timber construction market, on the same date. 

Hsbc UK Bank has a registered charge against the company.