Screwfix has acquired the stock, intellectual property, contracts and fixed assets of Connect Distribution Services out of administration, for a cash consideration of £3 million, following the appointment of Alvarez & Marsal as administrators.
Connect Distribution Services Limited is the leading retailer of appliance spares, accessories and consumables to both tradespeople and consumers through digital and telephone channels.
Screwfix will continue to operate the business as a going concern, acquiring its e-commerce platforms, stock, intellectual property and product data, with over 400 current Connect Distribution Services employees transferring to Kingfisher group, which owns Screwfix.
Connect Distribution Services’ online trading brands, such as eSpares, BuySpares, 4OurHouse and the Connect Trade Portal, will continue to operate as normal.
John Mewett, CEO of Screwfix, said: “I’m very pleased to be able to secure the future of the business of Connect Distribution Services and its brands for its customers, engineers and colleagues. The business’ popular e-commerce platforms have significant growth potential and they play an important role in helping tradespeople and consumers keep products in use for longer, supporting our sustainability agenda. As an entrepreneurial and customer-focused family business with a 50-year history, the culture is a great fit for Screwfix and we look forward to welcoming our new colleagues.”
Mark Depper, COO of Connect Distribution Services, said: “I’m delighted that Screwfix and Kingfisher have recognised the strengths of the brands and will continue to run this amazing business that my father started 50 years ago. I’m confident that this new ownership will realise the full potential of the brands.”
>>Read more about Screwfix here.
