Maplins, one of the UK’s biggest chains of electronics retailers, has collapsed into administration after talks with buyers failed to secure a sale. More than 200 stores and 2,300 staff are affected.
The business faced the slump in the pound after the Brexit vote, weak consumer confidence and a withdrawal of credit insurance. These factors made it “impossible” to raise capital, boss Graham Harris said.
“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,” Harris said.
Administrators PwC said they will “explore all opportunities to find a new owner”.