Yeovil-based DIY supplier Toolstream has gone into administration, with more than 100 employees losing their jobs just ahead of Christmas. The company, which imported and distributed over 6,000 hand tools, power tools, fixings, and workwear across Britain and Europe, appointed administrators on 11 December.
Toolstream, a wholly-owned subsidiary of Group Silverline Limited, was the sole distributor for a wide range of DIY products. Administrators Hywel Phillips and Gavin Park of Teneo Financial Advisory were appointed jointly to oversee the company’s affairs. Phillips said: “Regrettably, the closure of the companies has led to 111 redundancies. Our priority is providing support to all those affected, and we appreciate that this is a very difficult and uncertain time.”
Staff were reportedly called to a meeting late last week and told to remain at home until further notice. A small number of employees have been retained to assist administrators with ongoing operations, while the company’s assets and property are now under their control.
Administrators cited challenging trading conditions as a key factor behind Toolstream’s collapse. The aftermath of the global COVID-19 supply crisis had limited stock availability, which adversely affected profitability. Despite efforts to secure additional funding and continue trading on a solvent basis, no agreement could be reached. Administrators are now inviting interest from potential buyers for the company’s assets.
Toolstream, founded in 2009, had reported profits of £57.7 million in its latest accounts for the year ending 21 July 2023. The accounts for 31 July 2024 were overdue at the time of administration.
The collapse comes amid a difficult period for UK retailers. Rising employer national insurance contributions, wage costs, and a series of tax hikes announced in recent budgets have placed additional financial pressures on businesses. Households and companies alike are still adjusting to the £26 billion in taxes introduced in November, affecting income, savings, and pensions.
This is not the first high-profile retail administration this year. In September, a sale of most UK stores of fashion accessory chain Claire’s preserved around 1,000 jobs, though 145 stores were excluded from the deal. Poundland narrowly avoided administration in August after a last-minute turnaround plan. Hobbycraft also announced in April the closure of nine stores, impacting up to 126 roles, following its acquisition by Modella Capital from Bridgepoint.
Toolstream’s collapse adds to a growing list of retailers struggling to cope with supply chain issues, rising costs, and a challenging economic environment. Administrators will now work to stabilize the company and explore potential buyers for its assets, but for many employees, the Christmas period will be overshadowed by job loss and uncertainty.
Emily Johnson is a critically acclaimed essayist and novelist known for her thought-provoking works centered on feminism, women’s rights, and modern relationships. Born and raised in Portland, Oregon, Emily grew up with a deep love of books, often spending her afternoons at her local library. She went on to study literature and gender studies at UCLA, where she became deeply involved in activism and began publishing essays in campus journals. Her debut essay collection, Voices Unbound, struck a chord with readers nationwide for its fearless exploration of gender dynamics, identity, and the challenges faced by women in contemporary society. Emily later transitioned into fiction, writing novels that balance compelling storytelling with social commentary. Her protagonists are often strong, multidimensional women navigating love, ambition, and the struggles of everyday life, making her a favorite among readers who crave authentic, relatable narratives. Critics praise her ability to merge personal intimacy with universal themes. Off the page, Emily is an advocate for women in publishing, leading workshops that encourage young female writers to embrace their voices. She lives in Seattle with her partner and two rescue cats, where she continues to write, teach, and inspire a new generation of storytellers.
