As of 7 February 2025, major UK buying group Troy (UK) Limited has gone into administration.
The news brings further disruption to the UK tools and fasteners industry, coming only a few months after significant fixings, tools and hardware supplier FFX (Folkestone Fixings) went into administration (with ITS going on to acquire the FFX brand and web domain).
The future of the Troy group is currently uncertain, with options being considered and an active call for buyers - either of the business or its assets - to get in touch with the administrators.
The independent engineering distributor was founded in 1986, serving the engineering, industrial and trade sectors, with a buying group of 400-plus members.
A note on the Troy site currently states: "On 7 February 2025, Paul Berkovi and Mark Firmin of Alvarez & Marsal Europe LLP were appointed Joint Administrators of Troy (UK) Limited.
We are currently considering the options available to the Company. If you are a creditor of the Company, we will be writing to you with further information in the coming days."
Troy's 'Troy Means Business' trade show is a key event for the tool, fastener and related trades. The Troy group had seemingly gone from strength-to-strength. In 2018 it acquired Rotherham-based buying group THS and more recently had secured £15.5 million funding from BGF.
For the year ended 31 December 2023, Troy annual sales rose 2.4% to £5.4m (compared like-for-like with 2022). In those accounts, it noted political volatility with inflation and borrowing rates rising. However it recorded good resilience in its medium sized customers channels and larger key customers, while its end-consumer and small customer channels were worst hit. Accounts for 2024 are not yet available.
