Thu, 18 Dec 2025 | ADMINISTRATION
A longstanding supplier of power tools, hand tools and workwear based in the South West has fallen into administration. Toolstream Limited (Toolstream) and Group Silverline Limited (Silverline) fell into administration on December 11 2025, with Hywel Phillips and Gavin Park of Teneo Financial Advisory Limited appointed as joint administrators.
Yeovil-based Toolstream imports and distributes DIY tools, acting as the sole distributor of more than 6,000 branded hand tools, power tools, fixings and workwear, working with brands including Scruffs, Silverline and Triton. The company supplies to wholesalers and merchants throughout the UK and Europe.
Toolstream is a wholly-owned subsidiary of Silverline, which owns the freehold property from which the business operates. In the year to July 31 2023, Toolstream Limited reported turnover of around £57.8 million, down from £70.3 million a year earlier, while its operating losses widened from £2.1 million to £10.8 million.
According to administrators, the companies faced challenging trading conditions following the global supply chain crisis caused by the COVID-19 pandemic, resulting in limited stock availability.
This had an adverse impact on profitability, with efforts to secure the funding necessary for the business to continue trading on a solvent basis proving to be unsuccessful. As a result, it was determined that the companies should be placed into administration.
Administrators say they have decided to pause trading while gauging interest in the company’s assets from potential buyers. 111 redundancies have been made, with a small number of staff retained to assist administrators with the companies’ ongoing operations.
In Toolstream Limited’s latest accounts, its fixed assets were valued at £2.7 million and current assets at £45.4 million. Net assets, however, amounted to just £755,000.
In Group Silverline Limited’s accounts for the year to July 31 2023, turnover stood at £67.5 million, down from around £77 million a year earlier, while operating losses had increased from £3.3 million to £14.2 million. Fixed assets were valued at £12.5 million and current assets at £35 million, but net liabilities amounted to nearly £4.4 million.
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