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Electronics store latest retailer to struggle as it seeks buyer

PUBLISHED: 16:36 26 February 2018 | UPDATED: 16:36 26 February 2018

Maplin in Castle Meadow, Norwich. Picture: D faulkner

Maplin in Castle Meadow, Norwich. Picture: D faulkner

Archant

The future of electronics retailer Maplin is in doubt as the company seeks to find a buyer.

The high street chain, which has stores in King’s Lynn, Norwich, Lowestoft and Ipswich, has revealed it is in talks with potential buyers.

However, reports have said the company is facing a 48-hour battle to avoid administration as it seeks an injection of cash. Current owner Rutland Partners, which previously owned turkey giant Bernard Matthews, has said it is keen for a solvent sale rather than a pre-pack administration which would mean its debts could be offset.

A company spokesman said: “We are in advanced talks with a number of parties and expects 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.”

Maplin becomes the latest high street retailer to run into trouble with Toys R Us entering a company voluntary agreement (CVA) in December to alleviate some of its debts.

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