Completion of the transaction, which includes land, buildings, equipment and all business assets is subject to the fulfilment of essential conditions precedent including the assignment of the Wood Supply Agreements with Forestry NSW to the purchaser.
J. Notaras & Sons was founded in Grafton by two brothers – Lambrinos (Brinos) and Spiro Notaras – in 1952 and has continuously operated since then under the ownership of the Notaras family. J Notaras & Sons has been a significant long-term employer and contributor to the Grafton and Clarence Valley community, as well as a strong sustainability advocate for the timber industry. Marshall’s Timbers is a family-owned business, operating for over 60 years and are Newcastle’s largest supplier of timber and timber products.
Paul Marshall, representing the Marshalls group who are purchasing J Notaras & Sons said “We welcome the opportunity to continue and grow the specialised timber production business started by Brinos and Spiro Notaras in Grafton over 70 years ago.
Donna Layton, General Manager J Notaras & Sons said, “I have mixed emotions, after working for the Notaras family for 45 years it is hard to say goodbye. However, I am excited that the Marshall family, as the new owners, will continue to keep the business operating with the existing staff and the same commitment that family businesses have. Their enthusiasm to continue and grow the business into the future is great news for everyone concerned, including our community which the Marshall family will continue to support”.
The transaction is expected to close within six weeks of fulfilment of essential conditions precedent, with all employees to be retained by the new ownership structure.
Source: ARR News, Photo: J. Notaras & Son