A date was set just moments after administrator Deloitte confirmed another 241 job losses at the firm and the closure of seven branches as deals to buy the stricken business failed to materialise.

Asset recovery specialist Winterhill Largo will oversee the online sale of mechanical and electrical tools including compressors, drills, saws and pipe threading machines from manufacturers including  Hilti, DeWalt, Rothenberger and Ridgid.

Iain Gash of Winterhill Largo said: “We have hundreds of lots that will be available for bidding online from Friday 9th March.

“There is basically everything an electrical and mechanical engineering business would utilise, including large quantities of tools, consumables, electrical components and stock.

“We hope that interest will be high from private subcontractors and firms looking to pick up used high quality professional tools.

“We are expecting a high level of traffic through the Winterhill Largo website, and BidSpotter auction from noon on Friday.”

The auction catalogue will be available from the Winterhill Largo website here

Bidding for items will be via this website from 12 noon on Friday 9th March until 12 noon on Tuesday 13th March 2012.