Major UK DIY giant plunges into administration as more than 100 staff axed

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Staff at a British DIY giant have been told to "stay at home" as the giant DIY company has entered administration.

The news comes as the company is set to see the loss of more than 100 jobs for its staff members.

Toolstream announced the news on December 11 and blamed challenging trading conditions left over from the COVID global supply crisis.

Employees were called to a meeting late last week and asked to remain at home until further notice, according to reports. A total of 111 redundancies have been made, administrators said.

The directors have appointed administrators who said the limited availability of stock meant the retailer had been forced to close its doors.

The directors of Toolstream and Group Silverline Limited have appointed Hywel Phillips and Gavin Park of Teneo Financial Advisory as joint administrators. Group Silverline owns Toolstream and the freehold on the property which the business uses to operate.

Phillips said: "Our priority is providing support to all those made redundant. We appreciate that this is a very difficult and uncertain time for all involved."

Toolstream sold more than 6,000 branded hand tools, power tools, fixings and workwear to retailers, wholesalers and merchants across the UK and Europe. Brands it works with include Silverline, Triton and Scruffs, among others. Profits in its latest accounts made up to July 31, 2023, were reported as £57.7million.

Administrators said the challenging trading conditions had impacted profitability and, despite efforts to work with stakeholders to secure the funding required to continue trading on a solvent basis, this was not possible.

They added that a small number of employees have been kept on to help the administrators. Its next accounts made up to 31 July 2024 are overdue and had been due by 31 July 2025.

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