Electronics company Maplin has become the second retailer on the same day to collapse into administration, putting another 2,500 jobs at risk. 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. 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. 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. Maplin, which has more than 200 stores and 2,300 staff, will continue to trade through the 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. He continued: "This necessitated an intensive search for new capital that in current market conditions has proved impossible to raise. “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. "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.
British electronics retailer Maplin Electronics collapses into administration after rescue talks fail, with 2,500 jobs at risk.