Tool and maintenance network collapses into administration

Troy, the UK’s largest independent tools and maintenance network, has collapsed into administration and is up for sale.

Paul Berkovi and Mark Firmin of Alvarez & Marsal have been appointed as joint administrators to the Exeter-based company, which supports a network of more than 450 independent members in the tooling and maintenance industry.

The firm employs around 75 people. 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.”