Maplin enters administration
Electronics retailer Maplin has entered administration after it failed to find a buyer for the struggling business.
In a statement, Maplin chief executive Graham Harris said the company now had no alternative but to go into administration although it will continue to trade and remain open for business.
He said: “I can confirm this morning that it has not been possible to secure a solvent sale of the business.
“The business has worked hard over recent months to mitigate a combination of impacts from sterling devaluation post Brexit, a weak consumer environment and the withdrawal of credit insurance. This necessitated an intensive search for new capital that in current market conditions has proved impossible to raise. These macro factors have been the principal challenge not the Maplin brand or its market differentiation.
“We believe passionately that Maplin has a place on the high street, and that our trust, credibility and expertise meets a customer need that is not supported elsewhere.”
Maplin is now working with Zelf Hussain, Toby Underwood and Ian Green from PWC who have been appointed as joint administrators for the company. Harris said the team is working to achieve “the best possible outcome for all of our colleagues and stakeholders.”
Founded over 40 years ago, Maplin has more than 200 stores in the UK and Ireland and employs 2,300 staff.
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