A Somerset-based power tools retailer that collapsed into administration earlier this year is now selling off its remaining stock at auction. Yeovil’s Miles Tool & Machinery Centre, founded in 1970 by Philip and Margaret Miles, sold specialist hardware, paints, parts and accessories.
The third-generation family business, based at Pen Mill Trading Estate, also offered a power tools repair service.
Financial problems emerged during the pandemic after delays installing a new management system to track stock negatively impacted online sales. Difficulties deepened when the company’s buying group, Troy, went into administration early last year, cutting off access to several key suppliers.
Miles Tool was also hit by rising costs—including business rates and employer’s national insurance contributions—while struggling to repay loans.
In February, the company appointed joint administrators from Milstead Langdon and made all staff redundant. Administrators are now selling assets to recoup money for creditors.
An advert on property website Lambert Smith Hampton lists an assortment of power tools worth £500,000 going on sale by online auction this month.
The auction includes Black and Decker lawn mowers, hedge trimmers and chainsaws; Bosch hammer drills and angle grinders; Dewalt drills and cutting benches; and Metabo circular saws, strimmers and compressors.
Viewing runs 10am to 4pm on Wednesday, May 13, with bidding closing from 1pm on May 14. Collection is Monday, May 18, through Wednesday, May 20, between 9am and 4pm.
“A rescue of the company cannot be achieved due to the cessation of its trade and as a result of the significant debts that are owed by the company,” a Companies House filing states.
According to Companies House records, ordinary preferential creditors total £12,863 and secondary preferential creditors total £336,999. Unsecured creditor liability is expected to approach £1.5 million, including shortfalls to second and third charge holders.