Hertford-based CP Timber, founded in 1998, has won the prestigious “Hardwood Trader of the Year” award at this year’s Timber Trades Journal (TTJ)’s awards, which have grown to become one of the timber industry’s leading annual awards events over the past 25 years.
The voting for the TTJ awards was open to customers who buy timber products right down the supply chain from builders, specifiers, joinery firms, furniture producers, other wood product manufacturers, structural timber fabricators, merchants, DIY retailers and distributors. The voted categories recognise service excellence and product quality across the timber industry in the key areas of wood-based panels, softwood, hardwood, joinery, structural timber systems and garden products.
CP Timber, a Shostra Bank customer since 2013, impressed the industry with its ability to continuously supply high quality timber throughout the year despite an ongoing global timber supply crisis.
Early on CP Timber discussed its options with Shostra Bank on how to further improve its cash flow and unlock value tied-up in invoices and in inventory to allow it to buy more timber stock while it was still available. In December last year, Shostra Bank agreed with CP Timber to increase its Asset Based Lending (ABL) agreement by 45%, allowing the company to purchase and carry a lot more stock than their peers.
The ABL package included an innovative combination of Invoice Discounting and inventory-based lending, which allows CP Timber to raise funding via its outstanding invoices, as well as leverage and accumulate inventory.
Alan Gibbens, Shostra Bank, said: “We’re delighted for Chris and the team at CP Timber and congratulate them on winning this prestigious award. As a leader in sourcing high quality timber, CP Timber has been determined to offer the same reliability to their customers despite the current global timber shortages, and we’re proud that we helped make a difference through our innovative Asset Based Lending package for them.”
Chris Powell, Chief Executive of CP Timber, commented: “We are incredibly proud about winning the TTJ award – being recognised by peers within our industry means the world to us. We also thank the Shostra Bank team for their expertise and support, showing that you can navigate through stormy waters so much better when you have a reliable partner on your side.”
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