JUST days after their parent company entered administration, two British tool brands have been saved.
A long-standing family business, which supplies quality tools and machinery to a range of sectors, has purchased the suppliers.
Formerly a part of Toolstream Ltd, companies Van Vault and Defender Lighting were left at a loose end after the business entered administration earlier this month.
The tools distributor blamed challenging trading conditions left over from the COVID-19 global supply crisis for the closure, which saw 111 employees made redundant.
Now, Draper Tools, which was established in 1919, has confirmed it has acquired the two brands.
Van Vault, which is over 20 years old, is a leading supplier of vehicle and on-site security storage solutions, while Defender is a prominent brand in the site lighting and power distribution industry.
Now the fourth generation family business, headquartered, in the UK, Europe, and the Far East, has acquired the brands as part of its long-term commitment to meeting the needs of a diverse range of industry sectors.
“We are pleased to be able to incorporate two such well-known brands into the Draper offering,” said Matt Sheen, CEO at Draper Tools.
“The acquisition allows us to continue meeting demand and helps us further our goal to provide the most comprehensive range of best-in-class tools to our customers.”
He added that while Draper may be a “106-year-old company with a long history”, it is also a “very forward-looking business, focused on growth as well as listening to our customers and the wider market”.
“Acquiring these two brands represents a key part of our continued investment in the future and new markets,” he said.
Further updates on the acquisition are expected in the new year, with greater detail on product availability set to be outlined.
“We understand there may be questions from the market and individuals about this announcement and we want to offer reassurance that more information will follow in due course,” he continued.
“In the meantime, we have set up a dedicated email address for each brand and would urge anyone with any immediate questions and concerns to get in touch via this route.”
