Axminster Power Tools in administration

[Squaredy]

Just a word of warning in case anyone has or is likely to have dealings with Axminster.

 

The company have been losing money for a few years, and a few weeks ago they were split into two to walk away from their debts and give the company a fresh start.

 

So the result is that almost all their existing creditors will get nothing, but they will be honouring existing orders.  They have several hundred creditors, to the value of nearly £8 million so a lot of firms will be affected.

 

My advice is that if you make a large purchase from Axminster use a credit card, as there is no guarantee they will continue to be solvent.  Of course this is sound advice for any large purchase from any company, but as Axminster have just narrowly avoided oblivion and walked away from a lot of debt it is probably wise to be extra cautious.

 

Incidentally I have no personal beef with Axminster, and I am glad the company has been saved, and hopefully they will once again go on to be a highly regarded company.  I do have sympathy though for those firms let down.

[PeteB]

I drove through Axminster several times last week but was returning to Leicester ahead of Saturday Sale so couldn't grab some bargains!

[doobin]

Begs the question, what trade suppliers having been bumped for a part of the £8m would be willing to do business with the Pheonix company?

 

 

[Squaredy]

2 hours ago, doobin said:

Begs the question, what trade suppliers having been bumped for a part of the £8m would be willing to do business with the Pheonix company?

 

 

Yes, that will be one of the problems they will face.

[Tree monkey 1682]

1 hour ago, Squaredy said:

Yes, that will be one of the problems they will face.

Thank you for that 

[organic guy]

They owe me 5l PVA😡

Son did fill his boots at the Cardiff sale so thankful for that

Sad as they were good to deal with