ToughBuilt Industries Expands Retail Network in the United Kingdom
IRVINE, Calif., Sept. 29, 2022 (GLOBE NEWSWIRE) -- Today, ToughBuilt Industries, Inc. ("ToughBuilt") (NASDAQ: TBLT; TBLTW) -- has today announced major expansions to its network of storefronts in Great Britain, confirming broad new and expanding agreements with Huws Gray, Selco Builders Warehouse, MKM, City Electrical Factors, and Carpet & Flooring, magnifying the company’s online marketplace presence in Great Britain and representing more than 900 collective retail locations across the country.
Huws Gray is the United Kingdom’s largest independent builder’s merchant. Supplying materials to professional and DIY end users alike, it operates over 300 storefronts that trade under various brand names, including Huws Gray, Buildbase, The Timber Group, Civils & Lintels, and Frontline.
Additionally, ToughBuilt welcomes Selco Builder’s Warehouse, the UK’s fastest growing builder’s merchant, who distributes to construction professionals nationwide with a network of more than 73 outlets set to reach 100 locations by the end of 2026. As well as MKM, a building, timber, and plumbing supplies provider with more than 90 branches across England, Scotland, and Wales, and Carpet & Flooring, one of Britain’s largest flooring retailers and winner of the Contract Flooring Journal distributor of the year 3 years in a row.
ToughBuilt is also pleased to work with City Electrical Factors (CEF), the United Kingdom’s leading electrical wholesaler network. Beginning with a single storefront in Coventry in 1951, CEF has grown to more than 400 locations nationwide.
ToughBuilt CEO Michael Panosian stated, “ToughBuilt is growing rapidly in the United Kingdom, and we are pleased to expand our distribution network by nearly 900 storefronts across Great Britain. We are confident that this increased presence in the country will continue to grow our substantial market share and promote continued awareness of our brand’s commitment to premium quality products.”
ABOUT TOUGHBUILT INDUSTRIES, INC:
ToughBuilt is an advanced product design, manufacturer and distributor with emphasis on innovative products. Currently, we are focused on tools and other accessories for the professional and do-it-yourself construction industries. We market and distribute various home improvement and construction product lines for both the do-it-yourself and professional markets under the TOUGHBUILT brand name, within the global multibillion dollar per year tool market industry. All of our products are designed by our in-house design team. Since launching product sales in 2013, we have experienced significant annual sales growth. Our current product line includes three major categories, with several additional categories in various stages of development, consisting of Soft Goods & Kneepads and Sawhorses & Work Products. Our mission is to provide products to the building and home improvement communities that are innovative, of superior quality derived in part from enlightened creativity for our end users while enhancing performance, improving well-being and building high brand loyalty. Additional information about the Company is available at: https://www.toughbuilt.com/.
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) the impact of the worldwide COVID-19 pandemic and government actions, on our business, (ii) supply chain disruptions, (iii) market acceptance of our existing and new products, (iv) delays in bringing products to key markets, (v) an inability to secure regulatory approvals for the ability to sell our products in certain markets, (vi) intense competition in the industry from much larger, multinational companies, (v) product liability claims, (vii) product malfunctions, (viii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (ix) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (x) our reliance on single suppliers for certain product components, (xi) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xii) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Investor Relations Contact:
KCSA Strategic Communications
David Hanover
toughbuilt@kcsa.com
Source: ToughBuilt Industries, Inc
Released September 29, 2022