Maplin - one of the UK’s biggest electronics retailers - has collapsed, putting 2,500 jobs at risk.

The company, which has more than 200 stores, went into administration this morning after talks with potential buyers fell through.

Maplin, which was founded in 1972, will continue to trade during the administration process, the company’s CEO Graham Harris said.

“I can confirm this morning that it has not been possible to secure a solvent sale of the business and as a result we now have no alternative but to enter into an administration process,” Harris added.

The company head blamed the fall of the pound post-Brexit, along with a “weak consumer environment” and the withdrawal of credit insurance for the collapse, saying it was “impossible” to raise the necessary capital to deal with current market conditions.

The news comes just hours after it was revealed that Toys R Us has also fallen into administration, putting 3,200 jobs at risk.

Rebecca Long-Bailey, Labour’s Shadow Business Secretary, commenting on Toys R Us and Maplin going into administration, said:

“It’s devastating that over 5,500 High Street jobs risk being lost. This latest shock in the retail sector continues a worrying trend for our shopping streets and centres.

“The government must urgently meet with both the unions and the companies to ensure that these jobs are safeguarded.

“Workers are suffering stress and anxiety not knowing what the future holds for them. In the event of job losses, the government must act quickly to ensure all workers receive swift redundancy payments and are properly supported.

“The government must also urgently address problems across the retail sector.”

This is a breaking news story and will be updated. Check back for the fullest version. Follow HuffPost UK on Twitter here, and on Facebook here. </s> Electronic giant Maplin has gone into administration putting thousands of jobs at risk.



The chain which has a branch Grimsby, at High Point Retail Park on Cressey Street, employs 2,500 people nationally.

The news comes as Toys R Us, who employ 3,000 people across the country, also announced they too had go into administration. 



Maplin CEO Graham Harris said: “I can confirm this morning that it has not been possible to secure a solvent sale of the business and as a result we now have no alternative but to enter into an administration process.

"During this process Maplin will continue to trade and remains open for 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." 



He added: "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. 





"We will now work tirelessly alongside Zelf Hussain, Toby Underwood and Ian Green, from PWC, who have been appointed as the as Joint Administrators of Maplin Electronics Limited, to achieve the best possible outcome for all of our colleagues and stakeholders.” </s> Electricals retailer Maplin has collapsed into administration, putting 2,500 jobs at risk.

The retailer has two stores in North Wales - in Llandudno and Wrexham, and a store just over the border on Sealand Road in Chester.

The news of Maplin's collapse comes as Toys R Us fell into administration , putting 3,000 jobs at risk.

Bust firm leaves trail of debt but jobs saved in 'pre-pack' deal

Graham Harris, Maplin's chief executive, said: "I can confirm this morning that it has not been possible to secure a solvent sale of the business and as a result we now have no alternative but to enter into an administration process."

Maplin's administrators will keep the retailer's stores open, and will continue to operate the electronics retailer's website while searching for firms interested in buying parts of the business.

Maplin has 200 stores and 2,500 staff in the UK, and although sale talks have broken down, staff will still be paid. </s> Electronics company Maplin has become the second retailer on the same day to collapse into administration, putting another 2,500 jobs at risk.

Electronics company Maplin has become the second retailer on the same day to collapse into administration, putting another 2,500 jobs at risk.

Maplin collapses into administration on black day for high street

It comes after Toys R Us also fell into administration, affecting 3,200 staff. Maplin has 217 stores in the UK, and PwC is still attempting to find a buyer for the group.

Graham Harris, the company’s chief executive, said: “I can confirm this morning that it has not been possible to secure a solvent sale of the business and as a result we now have no alternative but to enter into an administration process. “During this process Maplin will continue to trade and remains open for business.”

He added that the retailer has been struggling to mitigate the impact of the pound’s devaluation post the Brexit vote, 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,” Mr Harris added. Edinburgh Woollen Mill, run by retail billionaire Philip Day, had been touted as a potential rescuer for Maplin.

But talks are thought to have broken down, leaving Rutland no alternative but to call in administrators.

“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,” the chief executive insisted. </s> Electricals retailer Maplin has collapsed into administration, putting 2,500 jobs at risk.

The 40-year-old firm said it had been hit by the impact of the Brexit-hit pound, a "weak consumer environment" and the withdrawal of credit insurance.

Administrators PwC said there are no immediate plans to close any stores or make any redundancies, although this will remain under review.

Outstanding customer orders will be delivered as usual and the administrators are currently assessing the status of gift cards. In the meantime, gift cards will continue to be honoured in stores and online.

It is the second company to call in the administrators on Wednesday after Toys R Us also announced it has collapsed on a bleak day for the British high street.

The group, owned by private equity firm Rutland Partners, called in PwC on Wednesday after attempts to rescue the chain failed.

Maplin has 217 stores in the UK, and PwC is still attempting to find a buyer for the group.

Graham Harris, the company's chief executive, said: "I can confirm this morning that it has not been possible to secure a solvent sale of the business and as a result we now have no alternative but to enter into an administration process.

"During this process Maplin will continue to trade and remains open for business."

Edinburgh Woollen Mill, run by retail billionaire Philip Day, had been touted as a potential rescuer for Maplin.

But talks are thought to have broken down, leaving Rutland no alternative but to call in administrators. </s> Maplin has collapsed this morning, with PwC set to handle the administration, after sale talks broke down with a potential buyer.

The retailer's private equity owner Rutland Fund Management was in talks with Edinburgh Woollen Mill about a sale, but talks have collapsed, putting thousands of jobs at risk.

Read more: The rescue buyer which saved HMV has had talks with Toys R Us UK

I can confirm this morning that it has not been possible to secure a solvent sale of the business and as a result we now have no alternative but to enter into an administration process. 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's administrators will keep the retailer's stores open, and will continue to operate the electronics retailer's website while searching for firms interested in buying parts of the business.

The brand may well be sold separately from the business, a common feature of retail administrations.

Maplin has 200 stores and 2,500 staff in the UK, and although sale talks have broken down, staff will still be paid.

The news of Maplin's collapse comes as Toys R Us fell into administration, putting 3,000 jobs at risk. Moorfields has been appointed to handle the administration.

The toy shop, which has a large property portfolio, failed to find a buyer and was forced into administration when it was due to pay a £15m VAT bill. </s> Electronics retailer Maplin became the second high street retailer to collapse into administration today, putting 2,500 jobs at risk.

The group, owned by private equity firm Rutland Partners, called in accountancy giants PricewaterhouseCoopers after attempts to rescue the chain failed.

All Maplin stores across Britain and Ireland, of which there are more 200, will continue to trade and remain open for business, chief executive Graham Harris said.

The firm fell into administration on the same day it was announced Toys R Us had entered administration, where more than 3,000 jobs are under threat.

Mr Harris said Maplin had been hit by the impact of the Brexit-hit pound, a "weak consumer environment" and the withdrawal of credit insurance.

He said: “I can confirm this morning that it has not been possible to secure a solvent sale of the business and as a result we now have no alternative but to enter into an administration process.

"During this process Maplin will continue to trade and remains open for 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. "

He continued: "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.

"We will now work tirelessly alongside Zelf Hussain, Toby Underwood and Ian Green, from PWC, who have been appointed as the as Joint Administrators of Maplin Electronics Limited, to achieve the best possible outcome for all of our colleagues and stakeholders.”

The announcement came on the same day Toys R Us collapsed into administration, putting more than 3,000 jobs at risk.

Bosses had been scrambling to secure a rescue for the company but no last-ditch deal could be reached with a buyer this week as the company grapples with a £15million VAT bill.

The company came under increasing pressure to settle its debts, which was exacerbated by worse-than-expected Christmas sales.

Founded in 1985, Toys R Us is one of the UK’s largest toy retailers with over 100 stores nationwide and over 1,500 stores worldwide in 33 countries. It also trades as Babies R Us.

Administrators Moorfields said all stores will continue to trade "until further notice" but much of the stock will be “subject to clearance discount”. </s> ELECTRONICS RETAILER Maplin has entered administration after failing to secure a takeover deal.

The company confirmed on Wednesday that 2,500 jobs are at risk after talks broke down with a potential buyer. This comes just a week after Maplin said it was seeking a takeover deal, with its future sights set on smart home installation and aftercare.

The firm's private equity owner Rutland Fund Management was in talks with retail chain Edinburgh Woollen Mill (EWM) - which also owns Peacocks and Ponden Home - about a potential sale, but these talks collapsed, leaving Maplin with no other option than to enter into an administration process.

PwC, which will handle the administration process, said Maplin's stores will remain open by it searchers for firms interested in buying parts of the business.

Graham Harris, Maplin CEO, said in a statement: "I can confirm this morning that it has not been possible to secure a solvent sale of the business and as a result we now have no alternative but to enter into an administration process. During this process, Maplin will continue to trade and remains open for 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.

"We will now work tirelessly alongside Zelf Hussain, Toby Underwood and Ian Green, from PWC, who have been appointed as the as Joint Administrators of Maplin Electronics Limited, to achieve the best possible outcome for all of our colleagues and stakeholders."

News of Maplin's collapse comes just hours after Toys R Us fell into administration, putting 3,000 jobs at risk. µ </s> As many as 5,500 jobs are at risk after two struggling retailers have gone into administration after failing to secure rescue deals.

Toys R Us has reportedly lined up Moorfields to handle the process. The toy chain also faces a £15m VAT bill in the UK. It employs about 3,000 workers in its 106 stores.

Owned by Rutland Partners, electronics chain Maplin also faces imminent bankruptcy after it failed to secure a deal. PricewaterhouseCoopers, who had been conducting the talks on behalf of Maplin for the past eight weeks, has been lined up to handle the electrical retailer’s administration. It has 200 stores and employs 2,500 staff in the UK.

According to Sky News, the retailer had been in talks with Edinburgh Woollen Mill, the clothing company that owns Peacocks, Country Casuals and several other retailers, over a possible sale.

Meanwhile two possible buyers — The Entertainer and Alteri Investors — were understood to have held talks about buying parts of Toys R Us UK but no deal could be secured.
British electronics retailer Maplin Electronics collapses into administration after rescue talks fail, with 2,500 jobs at risk.