Folkstone Fixings (FFX) placed into Administration

[Blackswanwood]

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

Not if you’ve received it and it is as described when you chose it. Do make sure that you register the guarantee direct with the manufacturer though.

 

[okeydokey]

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

No the warranty is ultimately with the manufacturer imo
Make sure you register the purchase with them as they sometimes need that

 

[okeydokey]

Sorry Blackswanwood didn't see your reply when I sent mine

 

[Sachakins]

I see they finally closed the website this morning .

 

[HamsterJam]

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.

Not forgetting £1.2m of the loss is attributed to restructuring including redundancies and exiting a building lease early, presumably to cut year on year operating cost.

 

[earnest]

Axminster PNL report also does not look healthy for 2023: https://find-and-update.company-information.service.gov.uk/company/03326979/filing-history, but the balance sheet looks OK for the time being, would be interesting to see how they faired in 2024

 

[martynbez]

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

Dont think it would be possible to return it now. Unless there is a problem with it?

 

[RobNichols]

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.

I'm the same. Always had good service from them.

 

[MrBear]

NR Burnett in Hull has gone into administration as well. Was a good place for for a good range of wood products with free local delivery. One of the few places you could go to get more than just your standard building material wood.

https://www.facebook.com/NRBurnettLtd/

Its with great sadness that N R Burnett Ltd has ceased trading as of 4/9/24

 

[mg123]

These really are tough times. I've had good experiences with FFX on a few occasions. Although I've never had the need to test their customer service so can't comment on that aspect. So many struggling business' right now, I just hope enough of the good companies can navigate the storm and come out the other side.

 

[niemeyjt]

Contrary to what my wife would have you believe about my tool purchases, I categorically deny that my boycott of FFX was to sole cause of their demise.

 

[fezman]

Had mixed service from FFX. The customer service response on both occasions was poor.
1. Asked them to delay despatch for a week of a Kapex KS60. I was in Toronto when I ordered it - they delivered it the next morning!! Fortunately a neighbour took it in.
2. Took a day off work to receive a Metabo Thicknesser. Wasn't despatched. took about a week for it to turn up. A mix of FFX and the courier's fault on this. FFX had a couldn't care less attitude.
3. There wasn't a three - I just stopped trading with them following 1 & 2.

 

[xmetal]

I've used them quite a few times and they were competitive on prices. Not always the best on packaging though, I had a Makita mitre saw come in its original box. The box was damaged including the saw and some fittings were missing that had escaped through a hole. They did replace in quickly though and the second box came a bit better packaged.

 

[niemeyjt]

Had mixed service from FFX. The customer service response on both occasions was poor.
1. Asked them to delay despatch for a week of a Kapex KS60. I was in Toronto when I ordered it - they delivered it the next morning!! Fortunately a neighbour took it in.
2. Took a day off work to receive a Metabo Thicknesser. Wasn't despatched. took about a week for it to turn up. A mix of FFX and the courier's fault on this. FFX had a couldn't care less attitude.
3. There wasn't a three - I just stopped trading with them following 1 & 2.

Funny - a KS60 was my final straw as well.

 

[MrBear]

My last and was possibly going to be my last order with them was a grass strimmer that turned up late in a damaged box with bits missing and 2 other items which never turned up at all. They did have an ok returns system, but it insisted on photos of the items that were missing in order to prove they were missing, so just grabbed some black jpegs of the net and used them and they didn't seem to understand and only refunded the trimmer. Had to report the missing items again with photos to get through to them they hadn't turned up, but they did refund. Went with Nuts and Bolts instead and had a much smoother experience.

 

[Doug71]

I spent loads with them years ago mainly on Festool, they used to be by far the cheapest. I like to try and support my local retailers but the price difference often pushed me towards FFX. I was told that they used to sell track saws etc for less than they paid for them but because of the massive number of units they moved they got some kind of bonus or rebate at the end of the year which made it possible.

I bought my Domino XL from them, the day after I bought it they had a special event and were selling it at a reduced price, I gave them a cheeky phone call and was pleasantly surprised that they refunded me the difference.

I never had any problems with them, for me it's a shame to see them go.

 

[RobinBHM]

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!!!!

I’m not sure you should be posting such vitriolic comments

 

[StephenArfer]

It might be that FFX are considering the viability of restructuring and continuing to trade or an orderly sale of the business or wind-up. Mark Jackson was appointed as a director of each of the FFX group companies on 6th September. Think Bensons for Beds (ended well), and Wilko (not so well). Who knows what will come out in the wash but it seems likely that ultimately, FFX will either be wound up or sold off to venture capitalists and restructured.
On the bright side, there may be a forced stock sale looming.

 

[AJB Temple]

It might be that FFX are considering the viability of restructuring and continuing to trade or an orderly sale of the business or wind-up. Mark Jackson was appointed as a director of each of the FFX group companies on 6th September. Think Bensons for Beds (ended well), and Wilko (not so well). Who knows what will come out in the wash but it seems likely that ultimately, FFX will either be wound up or sold off to venture capitalists and restructured.
On the bright side, there may be a forced stock sale looming.

Nope. FFX are in administration and none of the former directors have any influence at all. My old firm PwC are the administrators and they will be seeking a buyer. They will not be holding their breath as FFX was just a sell em cheap through volume middleman between suppliers and online retail buyers. Hence there is no significant goodwill as buyers in that environment just google shop the cheapest so anyone could step in and have no need to buy FFX. That said it is a recognisable name and I have bought from them myself. Anyone who is owed goods or money should write it off.