Tag: Maplin

High street retailer Maplin has finally shut its doors

The outfit went into administration in February following a failure to secure a sale for the troubled business.

PwC, the administrator appointed for the electronics giant, blamed Maplin’s troubles on the post-Brexit slump in the pound which led to a higher price being paid for US goods, the withdrawal of credit insurance and the current challenging climate for high street retailers.

PwC was allowed to trade as usual   to achieve the best result for creditors, and store closures were not expected. However, as no buyer was found for the ailing retailer, staff redundancies began in March and shops around the country were forced to close.

Started in 1972, Maplin developed into one of the largest electronics retailers in the UK, employing 2,335 staff at the time administrators took over, and had an annual turnover of £235.8m. Its final owners were Rutland Partners, who acquired it in 2014.

Maplin’s administrator has failed to find a buyer for the fallen electricals retailer and announced further redundancies at the firm.

While the firm remained “open to interest” to find a buyer, administrator PwC said it would have to make another 66 redundancies at Maplin’s head offices in London and Rotherham.

Maplin has 217 stores in the UK and Ireland, employs 2,335 staff, and boasts an annual turnover of £235.8 million.

It entered administration last month, and the retailer claimed that UK consumers were  paying over the top prices for US made gadgets.

HP, Microsoft and Apple moved to increase their UK prices sharply in the wake of the devaluation of the pound following the June 2016 Brexit referendum.

PwC said it will continue to trade the business as normal while it attempts to find a buyer.

“Given the cash position of the company, the directors resolved to put Maplin into administration”,  it said.

“Our initial focus as administrators will be to engage with parties who may be interested in acquiring all or part of the company. We will continue to trade the business as normal while a buyer is sought.

“Staff have been paid their February wages and will continue to be paid for future work while the company is in administration.”