Thanet jobs under threat with collapse of electronics store Maplin

Maplin is on the Westwood Gateway Retail Park

Thanet jobs are under threat with the collapse of electronics store Maplin.

The business, which has an outlet on the Westwood Gateway Retail Park, has called in administrators Zelf Hussain, Toby Underwood and Ian Green from PwC after 11th hours talks with a potential buyer broke down.

Owners Rutland Partners had put the business up for sale due to falling profits resulting in a cut of credit from insurers.

The administration affects 2500 staff at 200 stores. The Thanet store has 11 employees.

The business is remaining open and trading as normal during the administration process.

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. 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.”