On 28th February 2018, Zelf Hussain, Toby Underwood and Ian Green were appointed as joint administrators of Maplin Electronics Limited (“the company”), a retailer selling electrical goods to consumers in the UK and Ireland.
Since their appointment, the administrators have been working closely with Maplin, its employees and suppliers. Unfortunately, it has not been possible to secure a buyer for the business. While the administrators remain open to interest from potential buyers, it has been necessary to make a total of 63 redundancies at Maplin’s head offices in London and Rotherham (55 in London and 8 in Rotherham).
All staff affected have been informed and will be paid up to and including their last day of employment. The administrators thank the employees for the support, service and co-operation they have provided to the company, both before and during the administration.
The administrators continue to review the position of Maplin stores and will provide further updates in due course.
Toby Underwood, joint administrator and PwC partner, said:
“It is with real regret that we have made this decision. We are grateful for the support of the employees during this difficult period and we will make every effort to help the affected staff, working with the Maplin HR team over the coming days.
“The company is continuing to trade but due to a lack of interest we may be required to initiate a controlled closure programme.
“We still believe there is strong value in the company and we remain focused on doing all we can to preserve the business while we continue trying to achieve a sale.”
Notes to editor:
The administrators continue to review the position of Maplin stores and will provide further updates as appropriate.
Maplin Electronics Limited is a leading UK retailer selling electrical goods to consumers. The company employs 2,335 members of staff and has an annual turnover of £235.8m. Maplin operates 217 stores across the UK and Ireland and has head offices in London and Rotherham. The company experienced a decline in performance as a result of the softening of consumer demand in what has been a challenging retail environment and higher-priced (US denominated) products.
Zelf Hussain, Toby Scott Underwood and Ian David Green have been appointed as joint administrators of Maplin Electronics Limited to manage its affairs, business and property as its agents and act without personal liability. All are licensed in the United Kingdom to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales. The joint administrators are bound by the Insolvency Code of Ethics which can be found at: https://www.gov.uk/government/publications/insolvency-practitioner-code-of-ethics. The joint administrators are Data Controllers of personal data as defined by the Data Protection Act 1998. PricewaterhouseCoopers LLP will act as Data Processor on their instructions. Personal data will be kept secure and processed only for matters relating to the administration.
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