MAPLIN FIGHTS TO FIND A BUYER TO SAVE IT FROM ADMINISTRATION

  Posted by: electime      21st February 2018

As one of the biggest electronic retailers, Maplin is looking to find a buyer to save 3,000 people from losing their jobs.

Maplin was founded in 1972 and has more than 200 stores that could be shutting their doors.

The retailer got into trouble when insurers withdrew credit cover having heard of falling profits. This then resulted in stock shortages which led to disappointing Christmas sales.

Maplin has been supported by the private equity house Rutland Partners since 2014, but could be sold to Edinburgh Woolen Mill (owner of stores such as Peacocks and Jane Norman), reports say.

A Maplin spokesman told the Guardian: We are in advanced talks with a number of parties and expect to be in a position to announce a solvent sale of the business within days. Once secured, this will stabilise the business to the benefit of all stakeholders and provide Maplin with the financial firepower to deliver its 2020 multichannel strategy focused on smart tech.”

Oliver Meakin, who recently announced he was stepping down as chief executive of Maplin, told Retail Week in January that Brexit had had an impact on the business. He said: “Pretty much everything we buy is dollar denominated, so our costs have gone up by 15% … When your costs go up by that margin, you cannot shoulder that as a retailer.”