• Register
Return to: Home > News > PwC appointed as administrators for UK retailer Maplin

PwC appointed as administrators for UK retailer Maplin

PwC has been appointed as the administrators of UK electrical goods retailer Maplin following failed attempts to be rescued by potential buyers.

The retailer’s business had suffered from a post-Brexit currency devaluation, withdrawal of credit insurance, and a weak consumer environment, CEO Graham Harris explained. Yet analysts highlighted the company’s debt burden including a £63m (USD $86.8m) loan from Rutland Partners for which it paid £12m of interest last year. Maplin will remain open and continue to trade while staff will continue to be paid during the administration.

PwC partner and one of the appointed administrators Zelf Hussain said: “Like many other retailers, Maplin has been hit hard by a slowdown in consumer spending and more expensive imports as the pound has weakened. Our initial focus will be to engage with parties who may be interested in acquiring all or part of the company.”

Like Maplin, retailer Toys R Us has also gone into administration this week after hunting for a buyer for several weeks, which will be managed by UK insolvency practitioners, Moorfields. Toys R Us could not compete with online retailers and has also filed for bankruptcy protection in the US and Canada last year after amassing $5bn of debt.

 

Top Content

    Nigeria: building compliance and engagement

    Opportunities created by regulatory and legislative changes in Nigeria are tempered by the fragile state of the economy, although practitioners are generally confident that conditions will improve over the next few years if appropriate steps are taken. Paul Golden reports.

    read more

    Ghana: a quest for consistency

    Ghana’s current economic profile would suggest a fertile landscape for purveyors of accounting services. But inconsistent approaches to compliance and application of standards – coupled with problems in the banking sector and consequent liquidity constraints – have created a challenging environment. Paul Golden writes.

    read more

    Drone technology: audit takes to the skies

    The movement towards a digitised era has already impacted the auditing profession in a number of ways, from blockchain to artificial intelligence. Now firms are taking to sky and using drone technology in their audits. Mishelle Thurai speaks to Big Four firms to find out more.

    read more

    SBC: a new alliance joins the market

    Jonathan Minter speaks to Paul Tutin, chair of founding firm Streets Chartered Accountants, about why the business and its European partners took the decision to launch their own association.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.