Uncertain future for South Yorkshire-based company that employs 2500 people
The future of a South Yorkshire-based electrical company which employs 2, 500 people hangs in the balance today.
Maplin, which is headquartered in Manvers, Rotherham, and has six stores across South Yorkshire, is holding crunch talks with a number of potential buyers in a bid to secure its future.
The owner of the electricals retailer, Rutland Partners, appointed PricewaterhouseCoopers in January to assess Maplin's options, after having identified cost-savings and written to landlords to ask for better rent terms.
In a statement on Monday, a Maplin spokesperson said: “We are in advanced talks with a number of parties and expect to be in a position to announce a solvent sale of the business within days.
"Once secured this will stabilise the business to the benefit of all stakeholders and provide Maplin with the financial firepower to deliver its 2020 multichannel strategy focused on smart tech.”
Maplin is regarded as one of the UK's biggest electrical goods chains with more than 200 stores across the UK.
The news comes after reports that retail giant Toys R Us is teetering on the brink of adminisitration.
According to national news outlets company bosses are said to have met with Pension Protection Fund officials on Friday to alert them to the move, which could put up to 3, 200 jobs at risk, including at five stores across South Yorkshire.
The firm, which has been in the UK since 1985, was put up for sale earlier this month after losing money for the last seven years.
It has been reported that directors could appoint administrators this morning unless a last-minute rescue deal comes through.