Troy (UK) - Administration

Troy (UK), a Devon-based tool supplier which employs about 75 people, entered administration on 7 February.

According to its website, the company is the UK's largest independent network for tools and maintenance supplies, linking suppliers of these products with independent businesses that sell them to end users.

The company was reportedly impacted by supply chain issues, inflation and rising interest rates, among other issues.

Paul Berkovi and Mark Firmin of Alvarez & Marsal were appointed joint administrators and are conducting an accelerated sale process. No immediate job cuts have been made.

Santander UK has a registered charge against the company, which was represented by Shoosmiths.