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Two brands that were formerly part of Toolstream Limited, a major South West tool supplier that collapsed earlier this month, have been acquired out of administration. Van Vault and Defender Lighting have been acquired by longstanding tool supplier Draper Tools.
Van Vault, which was established more than 20 years ago, is a leading supplier of vehicle and on-site security storage services. Defender Lighting, meanwhile, is a prominent operator within the global site lighting and power distribution market.
Discussing the acquisition, Draper Tools CEO Matt Sheen said: “We are pleased to be able to incorporate two such well-known brands into the Draper offering. The acquisition allows us to continue meeting demand and helps us further our goal to provide the most comprehensive range of best-in-class tools to our customers.”
Established in 1919, Draper Tools is a fourth-generation family business that has developed a strong reputation as a supplier of tools and equipment to a diverse array of sectors. With a presence in the UK, Europe and the Far East, the company sees the latest acquisitions as a core part of its long-term aim of providing tools to a range of sectors.
Matt Sheen continued: “Draper may be a 106-year-old company with a long history, but we’re also a very forward-looking business, focused on growth as well as listening to our customers and the wider market. Acquiring these two brands represents a key part of our continued investment in the future and new markets.”
In accounts for the year to December 31 2024, Draper Tools Limited reported turnover of £51.2 million, down from £66.4 million a year earlier, while falling from an operating profit of £923,000 to a loss of around £5.9 million.
Yeovil-based Toolstream fell into administration earlier this month alongside parent company Group Silverline Limited, with Hywel Phillips and Gavin Park of Teneo Financial Advisory Limited appointed as joint administrators.
The company had seen turnover fall from £70.3 million to £57.8 million in the year ending July 31 2023, while operating losses increased from £2.1 million to £10.8 million. Administrators said the business’ profitability had been hit by limited stock availability as a result of the global supply chain crisis following COVID-19.
Administrators are now gauging interest in the company’s assets from potential buyers.
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