Yeovil DIY Giant Toolstream Enters Administration, Resulting in 111 Job Losses

Toolstream, a well-established DIY retailer located on Yeovil’s Lufton Trading Estate, has entered administration, leading to the loss of 111 jobs. The Somerset-based company, a major distributor of hand tools, power tools, and workwear, cited ongoing supply chain challenges caused by the Covid-19 pandemic as a significant factor in its collapse.

Toolstream and its parent company, Group Silverline Limited, are now under the management of administrators Hywel Phillips and Gavin Park from Teneo Financial Advisory. Staff were recently informed they should stay at home as the companies' operations are paused while administrators explore potential buyers.

Founded in 2009, Toolstream quickly became one of Europe’s leading tool distributors. Through exclusive distribution agreements secured at its Yeovil headquarters on Boundary Way, the company supplied thousands of products to both independent shops and national retailers across multiple countries.

However, the global supply crisis triggered by the pandemic left Toolstream with insufficient stock and reduced profitability. Despite efforts to secure new funding with support from stakeholders, the company was unable to maintain solvency and continue operations.

A small team remains in place to support essential functions as administrators work to find new owners for Toolstream’s assets. Joint administrator Hywel Phillips expressed regret over the redundancies and emphasized the commitment to support all affected employees during this difficult transition.