Major fixings, tools and hardware supplier Folkestone Fixings (FFX) has gone into administration, with reportedly over 140 staff made redundant.
Administrators were appointed to the Kent-headquartered business on 30 September, with PwC taking on administration duties.
PwC said: “Unfortunately, the Company’s financial position upon appointment means that it is no longer able to continue trading and as a result all stores and the website will cease to trade immediately.
“The Administrators have retained a small number of employees at the Company's head office in Kent for a short time to support in winding down operations.”
As well as its two stores (in Ashford and Folkestone), FFX traded online – with the site still up and running but bearing the message: “We are currently not taking any orders and shall keep you posted as things progress.”
The latest filed accounts (for year ended 30 Sept 2023), noted “significant challenges in the business environment”. While revenue had largely increased; from £79.5m in FY20 to £98.5m in FY22 and £96.8m in FY2023; a marked deterioration in margin and adjusted EBITDA painted a difficult picture for the firm.
FFX has attempted to mitigate the margin pressure with an own brand developed range, a new website, developing its drop-shop proposition and reducing working capital. Ultimately, for year ended 30 Sept 2023, FFX recorded an adjusted EBITDA of £1,488,958, a marked decrease of -60.3% on the previous year. It’s important to note that accounts from Sept 2023 until the present are not yet publicly available, so the full financial picture and reason for the administration is not yet available.
FFX Tools was owned by H2 Equity Partners, an investment firm focusing on mid-sized companies in the UK, Ireland and Benelux, since 2021.
