20,000 power tools in “must sell” auction after liquidation of Gold Coast Total Tools hardware store
The liquidation of a major hardware store will have a silver lining for tradies, with more than 20,000 new, top brand tools up for auction at discounted prices.
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The liquidation of a major hardware store will have a silver lining for tradies, with more than 20,000 new top brand tools up for auction at below retail prices.
The company behind Total Tools Biggera Waters went into liquidation on April 17, with estimated debt of more than $4m, including $970,000 of secured debt to the Commonwealth Bank.
Tools from brands including Milwaukee, Festool, Dewalt, Topcon, Husqvarna, Unimig, Greenworks, EGO and Cigweld are on offer in a series of online auctions in May, with the first three closing on Monday.
Auctioneer Glenn Screech from Argus Auctions said the entire contents of the store must be sold and were likely to be heavily discounted.
“It’s highly unusual – you can’t just go into a tool retailer and get discounts on these major brands,” he said.
“The margins on them are so small so they never go on sale and usually these brands just fly off the shelf anyway.”
Mr Screech said the tools were all new in box or display stock.
“There’s been a lot of interest from tradies and contractors but there are also items for around the house – lawnmowers, whipper snippers and everything in between.”
The three online auctions all close on Monday, with the tools available for pick-up only from the Argus depot on the Gold Coast.
The distinctive red Total Tools store was operated by company Miels Family Holdings, and traded amid a cluster of hardware stores including Sydney Tools and Bunnings along busy Brisbane Rd.
A report lodged with ASIC by liquidator Glenn O’Kearney reported the company had preliminary estimated debts of more than $4.6m – although investigations are ongoing.
The report said the business had failed due to changed market conditions pricing undercuts by competitors.
Unsecured creditors are likely to receive less than 5.6c for every dollar they’re owed, while employee entitlements are expected to be paid in full.
Miels Family Holdings is solely directed by Helensvale man Craig Miels, 57, who is joint shareholder with Jane Miels.
The company previously also operated Total Tools Coomera, but that franchise was sold to an unrelated company last September.
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