20 jobs lost as Derby fixings firm enters administration

A Derby supplier of fixings and fasteners to the engineering, construction and fabrication industries has entered administration with the loss of 20 jobs.

Administrators from Mazars were called in to TFS Derby on 23 January.

Speaking to TheBusinessDesk.com, Paul Maloney, senior manager – restructing at Mazars, said: “From discussions with the directors, I understand that in 2017 the company had supply issues with its major overseas supplier. This lead the company to source similar products from the UK at an increased cost. The company was unable to pass on this cost increase and were breaking even or making a loss on sales. As a consequence the company suffered cash flow problems and in January this year were unable to meet its liabilities as an when they fell due.”

Maloney said that all staff had been made redundant.

He added: “Our agents, John Pyes & Sons, are currently advertising the business for sale, all interested parties should contact Anna Hall on 0115 970 6060.”