Feb 28, 2018
Maplin becomes day’s second UK retailer to fall into insolvency
Electronics chain Maplin collapsed into insolvency on Wednesday, making it the second retailer to succumb to a brutal winter for Britain's consumer economy in the space of just over an hour. "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. During this process Maplin will continue to trade and remains open for business." The British arm of Toys R Us had already called in administrators after last-ditch efforts to find a buyer drew a blank. Maplin was founded as a small mail order business in 1972 by husband and wife team Roger and Sandra Allen and their friend Doug Simmons out of a bedroom in the Allens' house in Essex. The business was sold by its management team and backer Graphite Capital until 2004, when private equity group Montagu bought it for £244m. Montagu then sold Maplin for £85m to Rutland Partners, a special situations investment fund that also owns a stake in Pizza Hut UK, in 2014.
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