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Nottingham timber company FW Mason & Sons has gone into administration. The family company, which has been established for more than 80 years, is now under the stewardship of Andy Wood and Christopher White of The P&A Partnership, who have been appointed joint administrators of the Colwick firm.

They are keeping the business going and are on the hunt for a buyer.

He said: "There is a good core business and we believe that by continuing to trade we have the best chance of finding a buyer.

"The company had been hit by a number of factors, including rising fuel costs, lack of finance to modernise the business and loss of long standing customers to the multiples."

FW Mason & Sons is a supplier of finished timber products to the DIY trade.

In its recent accounts, it recored a turnover of about £10.75m for 2009 with a £1.28m loss before tax and a dividend was not recommended. The business is thought to have more than 100 employees.

The company's last directors' report said: "The sale of the company's range of products has been adversely affected by the downturn in consumer spending."

At the time, the company said its bank had been unable to provide it with its usual overdraft facilities secured against its premises though it was not using the overdraft at the time.

The business also announced plans to axe its pension scheme in April 2009 which it said had a "huge impact on the balance sheet".

But it still reported a "strong cash position" with net assets of £2.5m.