Thu, 13 Feb 2025 | ADMINISTRATION
Tools and maintenance supplier Troy (UK) has fallen into administration. The independent network appointed Paul Berkovi and Mark Firmin of professional services firm Alvarez & Marsal as joint administrators on 7 February.
Troy is a UK independent network for tools and maintenance supplies, linking suppliers with independent businesses to sell them to end users. It was established in 1986.
The company supports a network of more than 450 independent members in the tooling and maintenance industry. It provides access to more than 460 suppliers, as well as product expertise, data services, technology services and other business services. It is headquartered in Exeter and has approximately 75 employees.
There have been no immediate redundancies and trading has paused while the joint administrators assess options for the business and pursue an accelerated sales process.
Berkovi said: "Troy is a trusted national business providing a key strategic service to the engineering and industrial tools market. As joint administrators, our priority is to run a sale process at pace, and we encourage any interested parties to contact us as soon as possible to discuss the opportunity to acquire the business."
According to its last financial results for the year ended 31 December 2023, Troy UK reported a revenue of £231 million, up from £225 million the year before. It made a gross profit of £7.6 million, up from £7.3 million.
It highlighted that geopolitical volatility, supply chain disruption, rapid rises in inflation and borrowing rates had led to adverse consumer demand and lower business confidence across most sectors. In particular, it said that small business customers in its Power Tools sector were the most impacted. This has been a general theme for many firms in the construction sector in the last few years.
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