Maplin enters into administration
The electronics specialist Maplin has fallen into administration after talks with a potential buyer collapsed. The company which was founded in 1976 has called in Zelf Hussain, Toby Underwood and Ian Green from PwC to handle the administration process.
The future the company’s 200 store estate and 2,500 staff is now up in the air until the administration process is completed. The collapse of the business comes after the break down of a potential rescue deal with the Edinburgh Woollen Mill Group (EWM). It is said that EWM walked away following a disagreement over a proposal.
Maplin also had a deadline for the end of the month to pay tens of millions in liabilities.In a statement on 28th February 2018, Maplin said “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.”
If you are worried about your business and how the Maplin collapse could affect you, please contact one of our specialist advisors on 01275 817320.