Maplin reportedly has less than 48 hours to ward off administration

Maplin, one of the UK’s largest sellers of electronics, is reportedly on the brink entering administration, so much so that a rescue deal is required for the chain within 48 hours. Maplin employs around 2,500 employees across approximately 200 stores across the UK and Ireland, with the company having “cashflow issues” after unseasonable Christmas sales. 

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.