ALMOST 500 jobs were placed at risk today after timber merchant Palgrave Brown became the latest casualty of the construction sector’s downturn and went into administration.

The Chorley-based company supplies bespoke wooden products including roof trusses, staircases, doors and canopies.

BDO Stoy Hayward business restructuring partners Graham Newton, Dermot Power and Toby Underwood have been appointed joint administrative receivers of Palgrave Brown (UK) and Palgrave Brown (Holdings) and are seeeking a buyer.

The company has its headquarters in Chorley and a national distribution network of 17 offices throughout the country, employing a total of 491 staff.

Dermot Power, partner at BDO Stoy Hayward, said: “Palgrave Brown is a casualty of the well-documented contraction of the construction and house-building industries.

"This sudden and steep downturn is at the centre of the company’s current difficulties.

“Palgrave Brown is a well-established business which, through its strong and well deserved reputation, has become one of the leaders in its field in the UK.

“It has a large customer base but, unfortunately, despite the considerable efforts of management and all stakeholders, the wider economic conditions have proved too challenging.

"We’re currently in the process of conducting an immediate business review and progressing discussions with several interested parties working to secure a going concern sale of the business.”