Company Description:Ecommerce supplier of hand tools, power tools and accessories to contractors, building firms and the DIY sector.
Instructed by: Foresight
Foresight Invests in FFX
Foresight Group (“Foresight”) has invested £4.0 million to support growth of Folkestone Fixings Limited (“FFX”). WK Corporate Finance completed financial due diligence on behalf of Foresight.
FFX is a multi-‐channel supplier of high quality hand tools, power tools and accessories, fixings, fasteners and general building products. Headquartered in Folkestone, FFX supplies contractors, building firms and the DIY sector. Initially founded as a traditional ‘bricks and mortar’ supplier at its Folkestone site, FFX launched its ecommerce channel in 2009 and has since grown rapidly.
Experienced sector entrepreneurs Patrick Ker and Tim Horrell have also invested and joined the business in executive positions and will work alongside the incumbent management team to drive growth. George Adams is joining the company as Chairman. Adams has held multiple senior positions in the building products sector, including the Chairmanship of Screwfix while at Kingfisher plc.
The investment follows a period of strong growth for the business, which has doubled revenues in the last three years. The experienced management team are looking to continue the growth through introduction of new product ranges, improved marketing and expansion into a new 60,000 sq ft distribution centre.
James Livingston, Director, Foresight Group, commented:
“We are excited to invest in FFX al ongside the experienced and entrepreneurial management team. The business has a strong market position and has delivered rapid growth. We look forward to working with management to further expand and diversify the business.”
Tim Horrell, Present Executive Chairman, Folkestone Fi xings Limited, commented:
“Once we’d been approached by FFX we knew this was the right platform, so it was a matter of making sure the deal happened. Working with Foresight was very straightforward; it was a pleasure negotiating with sensible, pragmatic backers. We are very excited by the potential of this fast growing business.”