Folkstone Fixings (FFX) placed into Administration

[Sideways]

A heads up to all as many of us have bought from FFX :

"
On 20 September 2024 Jane Steer, Tim Higgins and Toby Banfield of PwC were appointed as Joint Administrators (“Administrators”) of Folkestone Fixings Limited (“the Company”).

The Company is a tools and hardware retailer based in the South-East of England and traded from its own website and two stores based in Ashford and Folkestone.

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.

For all creditor enquiries please email: [email protected]

For all employee enquiries please email: [email protected]
"
https://www.pwc.co.uk/services/busi...jhbAh7oHOVqQNFgmoM_aem_Z_4W7-Sbm6xQTkle70_TXw

 

[niall Y]

My goodness! I've dealt with these guys quite a few times in the past. They were always a pleasure to deal with. Is this the beginning of the "big trees" starting to fall in the forest? It remains to be seen who else will follow.

 

[Doug B]

Yeah I saw this last week, makes you wonder what’s gone wrong. I went to their show in Detling for years until it ceased after covid, it was a really good show, shame they’ve gone to the wall.

 

[Spectric]

There website is still running and you can still make purchases as of today the 22nd

 

[Nick.]

There website is still running and you can still make purchases as of today the 22nd

That may well be to liquidate as profitably as possible the existing warehouse stock.
I know several suppliers stopped supplying them with any new products about two weeks ago when the situation first became known and suppliers also cancelled any direct drop shipments to customers.
There was some hope full administration could be averted, but it seems sadly not.

 

[Terry - Somerset]

I have not looked but be careful parting with cash for items still on their web site.

If payment is contractually with the administrators who are quite rightly seeking to turn existing stock into cash then there should be no problem.

If payment is to the original company now in administration, it risks going into a legal "black hole".

Unless the administrator carefully separates any money received, the money may simply form part of the assets of the business which are used to pay creditors in priority order - usually HMRC, secured loans, etc. Unsecured creditors are at the bottom of the priority list.

Also be aware of your other rights which may be compromised - eg: warranty, spares etc.

I am not suggesting "don't" - that would be unfair. But think before acting in haste when a bargain might not be all that it appears.

 

[graham88]

There website is still running and you can still make purchases as of today the 22nd

Checking the site linked by Sideways, under the 'customers' page the second paragraph states:

"Will I still receive the products I ordered?

• If you have placed an order and not yet received your products, it is unlikely that these will be fulfilled. "

 

[niemeyjt]

I am not in the least bit surprised.

Thieving barstewards with a dodgy website and equally dodgy customer service to boot. I am not surprised there is no mention of selling the "Good Will" as I doubt there is any.

Good riddance!!!!

 

[ChaiLatte]

Good riddance!!!!

As every salt needs its pepper, may I say that I have never had a problem with more than a dozen things I purchased off them over the years. Their prices were good, their service similarly good.

Perhaps you could recount your tales of woe and we could make an independent assessment of whether your opinion is justified.

 

[niemeyjt]

Tale of woe - singular - as already recounted. Once bitten, twice shy.

 

[Phil Pascoe]

I had a few things from them, never any problem.

 

[Lons]

Same here, good prices, fast delivery and on the one occasion there was an issue they replaced the drill immediately.

 

[niemeyjt]

There seems to be a trend building . . .

Announcement:

Yeti Tool Limited is now in Administration. For all support queries or any general enquiries, please contact Campbell, Crossley & Davis on 01253 349331 or at [email protected]

from https://www.yetitool.com/

 

[Sideways]

Shame. That was a clever innovation.

 

[AJB Temple]

Wise thing is to check the parent of anyone you want to buy from on the free to access companies house website. If they are a) loss making in the P&L b) have negative balance sheet reserves, c) have negative net cash flow or d) any kind of qualified audit opinion - then do not part with money on-line.

 

[AJB Temple]

Example purely for illustration: https://find-and-update.company-information.service.gov.uk/company/03326979/filing-history

Last accounts published Jan 24 show P&L loss of £2m, negative cash flow (ie out) of £2.3m net and BS shareholders total funds down from £8.3m to £5.3m positive, so could survive for a while but will need serious action to increase sales and cut costs. Next accounts would be due in Jan 2025. I would buy from them but for anything large would collect in person and as a creditor they would be on very tight terms and low limit if I were supplying them.

There is more to looking at public accounts than this, but it is worth doing to get a rough idea and takes a couple of minutes and is free.

 

[niemeyjt]

Surely the answer is to pay by Credit Card - at least items over £100.

 

[Blackswanwood]

Surely the answer is to pay by Credit Card - at least items over £100.

Yes, then Section 75 of the CCA kicks in.

Even for smaller purchases or using a debit card the chargeback scheme operated by card providers will protect in virtually all cases. To raise a dispute and invoke chargeback you need to contact your card provider within 45 days.

It’s worth adding that if you know the retailer is in financial difficulty and go ahead with a purchase the card provider can reject your claim. That’s possibly a reason to not start trying to interpret company accounts.

 

[Blackswanwood]

It’s a real shame that this company has folded. They won an award a couple of years ago for having modernised, grown and put a lot back into their local community.

 

[earnest]

I bought an expensive track saw from them about 2 weeks ago. Should I return it in light of this?