Maplin reportedly has less than 48 hours to ward off administration
Maplin reportedly has less than 48 hours to ward off administration
Sky News has reported that Maplin plans to have plans to secure a vital cash injection, though progress towards a deal has been slow. Now it seems that the company need to have an agreement by Wednesday or face larger issues.
Maplin is said to require tens of millions of pounds to avoid administration, with Edinburgh Wollen Mill (EWM) taking an interest in the company. This retail empire is owned by Philip Day, who before now has primarily dealt with Fashion brands. Sources closer to the proceeding suggest that EWM wants Maplin’ current owner, Rutland Partners, to retain a stake in the company’s future, with this being a condition for any bailout package.
In the UK there are relatively few retailers that rival Maplin in the electronic components market, with many of their rivals closing their doors in recent years. Moving forward, Maplin plans to focus on smart technologies, though it is unknown whether or not this strategy will pay off, provided they survive that long.
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