Folkstone Fixings (FFX) placed into Administration

[Sideways]

HMRC are the prime creditor and always get their money before anyone else ….

Actually no.
It is more nuanced than that, though HMRC are near the top of the pecking order, among the preferential creditors and will be paid before most others.

This is another reference with more detail:
https://www.gov.uk/government/publi...e to,unpaid employees of insolvent businesses.

 

[Amplidyne]

They closed Basingstoke too.

A lot of these companies don’t realise that you need too buy your own property to avoid ups and downs and to weather storms.
Axminster closed their locations becuase the rent after review went up by 3x.
One of the best thing you can do is own your own premises.
Unfortunately the conservative government and now labour, are throttling industrial and commercial which is putting up rates ridiculously. Another burden on British business.

I was talking to a bloke in a local town with a little record shop. Must have been 15 years back. He was telling me what the costs of running the place were, and it was ridiculous back then. Can't remember now, but it was thousands in rent, more in business rates, and a hefty chunk for electricity. He told me he would stick it out to the end of his lease, and he was going online, he said he was already doing a healthy percentage of his business that way.

Not a town I go to often, but last time I looked he was gone. So as usual the council, motto "We're short of funds" has taxed people out of business basically.

I doubt if anyone in the council knows what a Laffer curve is. Householders may not have a choice but to pay whatever they ask, but businesses do.

 

[niemeyjt]

I was talking to a bloke in a local town with a little record shop. Must have been 15 years back. He was telling me what the costs of running the place were, and it was ridiculous back then. Can't remember now, but it was thousands in rent, more in business rates, and a hefty chunk for electricity. He told me he would stick it out to the end of his lease, and he was going online, he said he was already doing a healthy percentage of his business that way.

Not a town I go to often, but last time I looked he was gone. So as usual the council, motto "We're short of funds" has taxed people out of business basically.

I doubt if anyone in the council knows what a Laffer curve is. Householders may not have a choice but to pay whatever they ask, but businesses do.

So true - there was an idiot in Ipswich who did almost that.

The town centre is dying -> we get less revenue -> we need to increase parking fees to raise money -> rinse and repeat.

I remember a garden shop I used to frequent being one of the first to appreciate this - and move out.

 

[tsh2]

Just a heads up to people who have actual losses as part of this. I received the following email this morning, I assume it a phishing attempt:

kroll Restructuring Administration : FTX creditors update
Kroll Restructuring<[email protected]>

We are pleased to inform you that the FTX Customer Claims Portal is now live, allowing you to access your FTX account information and check the amount of your refund.

The link in the 'claim now' button looks particularly suspect. Don't click on it.

 

[nickds1]

To those complaining about FFX service etc., here's their eBay stats:

That's pretty impressive. Over 1 million feedback comments, the vast majority extremely positive. 3.4 million items sold over 17 years makes around 200,000 items sold on eBay each year, let alone what they sold directly on their web site or in their shops.

My experience of them was always excellent, both on-line and visiting their shops. They provided a good service and I for one am sorry to see them go.

 

[Richard_C]

HMRC are the prime creditor and always get their money before anyone else …

As others have said, sadly no. Often the top company in a deliberately complex structure lends money to the operating company with a charge against assets, so they get their money back first. Another common tactic for a private equity investor is to split any property assets from the operating company and lease them back to them. The operating company goes bust, the holding company is left with the property. That happened with mfi and a big care home group. There are many ways to get money out of a business even if it makes no profit, high interest rates, loan arrangement fees, directors fees and so on. When GM bought SAAB they transferred all the design IP and brand to the parent company and charged SAAB to use it, so GM made money while SAAB made losses. Transfer pricing tricks as well, an intermediate company in the structure buys stock for £X and sells it to the public facing company for £X+, when it all gets a bit tough the bottom company is allowed to go into administration, a lot of cash has already moved up the chain l. HMRC are a preferred creditor but many companies are structured so they, (we the taxpayer) are left with nothing.

 

[AJB Temple]

Yes. I agree. ^^ I have hinted at same in my posts. Family pension trusts are sometimes used in a similar way to shelter assets and charge loan interest and brand licence fees. Sometimes the auditors of the pension trust / hedgefund PEI / topco and that of the operating company are different. The cynical might think divide and rule is at play.

 

[Doug71]

My own fault for not keeping my bookwork up to date but just realised I can't log into my FFX account and download some invoices I need

 

[Sachakins]

My own fault for not keeping my bookwork up to date but just realised I can't log into my FFX account and download some invoices I need

The administrators can provide these IIRC.

 

[bushwhaker]

ffx.co.uk has been acquired by its.co.uk

 

[Phil Pascoe]

Apparently the name has been, the company itself hasn't.

 

[MrBear]

Just recieved an E-mail from FFX last night, letting me know that they are ITS and that I can get a free gift if I spend over £25, which turns out to be... A remote control car, for all your DIY needs. Maybe I can harness it to a tool trolley and use it to bring tools over from the other side of the garage?

 

[imageel]

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

Quick head up if you ever had dealings with FFX, no doubt their administrators in trying to salvage whatever revenue they can have sold the FFX domain and database of clients to an outfit - ITS and I for one have received marketing spam from them today.
It looks a legit site but I have no interest in it or them so have asked that under GDPR they remove my personal information from their systems and cease sending me any further emails/marketing

 

[Sideways]

ITS are an established internet seller of some years standing. "Vaunt" tools are their house brand.

 

[Sachakins]

Quick head up if you ever had dealings with FFX, no doubt their administrators in trying to salvage whatever revenue they can have sold the FFX domain and database of clients to an outfit - ITS and I for one have received marketing spam from them today.
It looks a legit site but I have no interest in it or them so have asked that under GDPR they remove my personal information from their systems and cease sending me any further emails/marketing

Thanks for the heads up

 

[niemeyjt]

Just a heads up to people who have actual losses as part of this. I received the following email this morning, I assume it a phishing attempt:

kroll Restructuring Administration : FTX creditors update
Kroll Restructuring<[email protected]>

We are pleased to inform you that the FTX Customer Claims Portal is now live, allowing you to access your FTX account information and check the amount of your refund.

The link in the 'claim now' button looks particularly suspect. Don't click on it.

FTX - isn't that the US crypto outfit run by Sam Bankman-Freud - who is now doing 25 years inside for his efforts?

 

[Sachakins]

outfit - ITS and I for one have received marketing spam from them today.

Just had same email arrive today too. Think I'll bin them off top.

 

[Not-Entirely-Useless]

Quick head up if you ever had dealings with FFX, no doubt their administrators in trying to salvage whatever revenue they can have sold the FFX domain and database of clients to an outfit - ITS and I for one have received marketing spam from them today.
It looks a legit site but I have no interest in it or them so have asked that under GDPR they remove my personal information from their systems and cease sending me any further emails/marketing

I’ve bought from ITS several times. Prices and service have been good. It makes sense for them to buy the FFX name & domain and it’s proper that they let us know. I’ve seen cases in the past where the new owner has hidden the change in the small print.

 

[Spectric]

FFX made sense for a company in Folkstone but cannot see why an existing company like ITS in east London feels they need the FFX name.

 

[Not-Entirely-Useless]

FFX made sense for a company in Folkstone but cannot see why an existing company like ITS in east London feels they need the FFX name.

I expect the name and domain, together with the subscriber list, came as a package. Anyway, it's quite common for companies to keep using a brand name when they buy assets of a defunct company. Mike Ashley's Frasers Group has a shedload of brand names that exist only as labels on stock.

ITS aren't trying to pass themselves off as FFX - they're absolutely clear about the change. They can have a little credit for making clear we have the option to get off their subscriber list, unlike so many others.