T F S (Derby) Limited (02454157): administration
- Status
- Administration ended
- Administration began
- 2018-01-23
- Administrators
- Simon David Chandler, Scott Christian Bevan
- Administrators' firm
- Mazars
- Formerly
- Tech-Con Anchor Systems Limited; Tech-Con Fastener Systems Limited; Fileluck Limited
- Incorporated
- 1989-12-20
- Location
- Nottingham
- Industry
- 46730 Wholesale of wood, construction materials and sanitary equipment
Why it went into administration
- Cash flow / liquidity pressure
- Bad debts / customer insolvency
From the administrators' statement
The Company was incorporated on 20 December 1989 by the then owner, Ted Pither. David Pearson joined the Company in 1991, holding various senior positions until he purchased the Company from Mr Pither for £900,000 in April 2005. The purchase was funded in part by David Pearson, together with £300,000 from Lloyds TSB Commercial Finance Limited (LTCFL). The consideration was also deferred over a 10 year period.
In April 2008, the Company set up a roofing cladding division to utilise the Company’s existing customer base and sell allied products including roofing sheets, composite cladding, insulation and roof lights. In addition, in September 2008 the Company purchased Topcap Limited, increasing the Company’s exposure to the domestic building market and acquiring the brands, Topcap Nylon headed pins and nails.
Notwithstanding the Company increasing its product offering, the financial crisis in 2008 resulted in staff reductions in both quantum and hours worked. The Company however continued to meet its commitments and increased sales to £3.7 million.
Administrators' statement of proposals (2018-03-23) · Companies House register