A power tools distributor has been backed a £4 million private equity investment.

Building supplier Folkestone Fixings, known as FFX, received the cash injection from Foresight Group after rapid growth since launching its online business in 2009.

The firm, based on Park Farm Industrial Estate, has doubled revenues in the last three years.

It aims to move into a new 60,000sq ft distribution centre with its new investment, as well as bring in new product ranges and improve its marketing.

Foresight Group has brought sector entrepreneurs Patrick Ker and Tim Horrell onto firm’s board, while former Screwfix chairman George Adams will join the company as chair.

“It is a really well-run company, with a good reputation, well-known brand and strong growth potential...” - Patrick Ker, Folkestone Fixings

Mr Ker said: “We have been searching for some time to find the right sort of business and have found it in FFX.

“It is a really well-run company, with a good reputation, well-known brand and strong growth potential.”

FFX, which has offices in Folkestone and Ashford, began trading in 2003 and has become one of the UK’s largest independent suppliers of tools, fixings and building supplies.

Mr Horrell said: “Our skills complement those of the existing management team and together I am confident we will be able to take FFX into new markets and product ranges that will make the business even more successful and useful for our customers.”

Specialist advice for the deal was provided by Tunbridge Wells law firm Cripps and Meta Corporate Finance.