Folkstone Fixings (FFX) placed into Administration

[firefinch]

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

FFX is now in liquidation. Please try and support your local suppliers who have faced ruin due to the ludicrous business practices of FFX, who set out to destroy every single competitor. Thankfully their mission has now failed and to all the Power tools.suppliers who were licking their a#se you've learnt a very hard lesson.
If you are in Kent , Fixings Warehouse are happy to help.

 

[Harry from efix.uk]

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

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/business-restructuring/administrations/folkestone-fixings-limited.html?fbclid=IwZXh0bgNhZW0CMTEAAR00VfJg29E6FEZKsk-P9EEl2cAkr2_vjVzyBbfaWjhbAh7oHOVqQNFgmoM_aem_Z_4W7-Sbm6xQTkle70_T

Such sad News!
I really do feel for all of the employees of this company.
We are in the same industry (Although not power tools) and it is so tough at the moment.
Not entirely sure if we will be able to see this year out!
Wishing you all well.
Any support would incredibly helpful.
Enjoy the day!
Harry.

 

[Rhossydd]

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

Were those figures before they closed Nuneton and reduced the High Wycombe store by a third ? they're certainly working at cost cutting.

 

[Phil Pascoe]

FFX, who set out to destroy every single competitor ...

Doesn't every business?

 

[firefinch]

Doesn't every business?

Not in the way they did

 

[recipio]

A pity about FFX, I always found their prices to be the best. I bought some sash clamp extension bars from them which was about the only place i could find them. Being a foreigner on here I'm afraid Brexit has ruined retailing from the UK. It's impossible to buy anything off Ebay now due to double VAT and customs charges.

 

[Duncan A]

Were those figures before they closed Nuneton and reduced the High Wycombe store by a third ? they're certainly working at cost cutting.

They've cut their headcount by about 20% since those figures. The annual report clearly states that they are on the case although that's not always a guarantee of success. Companies House has the details.
I wish them success; we need a good mix of shops for healthy competition and a choice of operating styles.

 

[niemeyjt]

They've cut their headcount by about 20% since those figures. The annual report clearly states that they are on the case although that's not always a guarantee of success. Companies House has the details.
I wish them success; we need a good mix of shops for healthy competition and a choice of operating styles.

Hopefully as they are innovators, rather than box shifters, they will see the next few years out.

 

[SAstackrat]

There prices were undeniably good but the service they provided (or didn't provide) was diabolical. I bought from them 3 times, Once was a good experience, the other two times was absolutely awful. The worst customer service I've ever experienced (and I've had to deal with UPS so that says something). Took forever to answer the phone and then fobbed you off with excuses. I feel really sorry for those that lost their jobs and only wish the best for them in the future, but FFX will not be missed by me.

 

[Homeless Squirrel]

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.

One of the Reasons why i avoid Amazon like the Plague! They hasten the end for many places = Less choice for us and pay whatever price Amazon desires?

 

[Sachakins]

One of the Reasons why i avoid Amazon like the Plague! They hasten the end for many places = Less choice for us and pay whatever price Amazon desires?

Last time I looked, all retailers charge us what they want.....

 

[AJB Temple]

At least UK stores, unlike Amazon, pay tax on profits. Amazon has done very well but they are part of the reason why high streets are full of charity shops.

 

[Blackswanwood]

While the attached relates to the fashion industry the same tax advantage presumably applies to cheap tool purchases direct from China.

https://www.thisismoney.co.uk/money...nese-budget-rival-Shein-ahead-50bn-float.html

 

[Phil Pascoe]

At least UK stores, unlike Amazon, pay tax on profits. Amazon has done very well but they are part of the reason why high streets are full of charity shops.

Our main street was charity shops and estate agents before Amazon was dreampt of - it's a lot more that that.

 

[mg123]

One of the Reasons why i avoid Amazon like the Plague! They hasten the end for many places = Less choice for us and pay whatever price Amazon desires?

I've been a victim of amazon's convenience lure, but I rarely use it anymore for the same reason. They're like Walmart, and what it did across the states. Be cheaper, ruin local business, once the competition was gone, hike prices in a market were the competition is now non existent. It's highly likely too late to do anything about it now. I've noticed how amazon is way more expensive on so many due to the reduced competition.

 

[G-Sharp-Tools]

I've just joined this forum & trying to find out, as a supplier to FFX, if I have to write off over £4k of stock supplied to them or if I can get back that which they haven't sold yet!! As a small manufacturer this is a massive hit to our turnover & cash flow. I will survive but it's going to be more tough years ahead

 

[Noel]

I've just joined this forum & trying to find out, as a supplier to FFX, if I have to write off over £4k of stock supplied to them or if I can get back that which they haven't sold yet!! As a small manufacturer this is a massive hit to our turnover & cash flow. I will survive but it's going to be more tough years ahead

Hi, unfortunate situation for you and your company. As I'm sure you may know any value left in the company, (stock/premises etc) will go to HMRC first, then fees for the accountants/solicitors, maybe H2 Equity who owned the company and then, if there's any left, to the creditors like your self and I suspect it may be a long list. Hopefully the 150 odd employees will be looked after too.
Best to contact the administrators Jane Steer, Tim Higgins and Toby Banfield at PWC:
[email protected]

 

[Amplidyne]

I've been a victim of amazon's convenience lure, but I rarely use it anymore for the same reason. They're like Walmart, and what it did across the states. Be cheaper, ruin local business, once the competition was gone, hike prices in a market were the competition is now non existent. It's highly likely too late to do anything about it now. I've noticed how amazon is way more expensive on so many due to the reduced competition.

The trouble is that it's like "The Borg"
"You will be assimilated. Resistance is futile"
Too many people use them already, and they're too big to stop now I should think..

 

[AJB Temple]

Did your supply contract reserve title? Worth checking and you must make a claim anyway when the administrators issue the forms for creditors to do so.

 

[Sachakins]

I've been a victim of amazon's convenience lure, but I rarely use it anymore for the same reason. They're like Walmart, and what it did across the states. Be cheaper, ruin local business, once the competition was gone, hike prices in a market were the competition is now non existent. It's highly likely too late to do anything about it now. I've noticed how amazon is way more expensive on so many due to the reduced competition.

There are other threads on this forum highlighting how we are being ripped off by suppliers.
Sorry but we can't have it both ways. You pays your money and takes your choice.