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Maplin scrambling as trade credit insurance is dropped — report | Insurance Business

With trade credit insurance to suppliers withdrawn, British electronics retailer Maplin is faced with not-so-bright prospects: scramble to be snapped up or go into administration.

Now the troubled chain is said to be in advanced talks in hopes of finding a buyer – something it aims to complete within the week. Citing Sky News, a report by Computing noted the credit insurance withdrawal, which puts Maplin in the same risky position previously suffered by the likes of Carillion.    

“Once secured this will stabilise the business to the benefit of all stakeholders and provide Maplin with the financial firepower to deliver its 2020 multi-channel strategy focused on smart tech,” the firm told Sky News in a statement regarding what is called a “solvent sale”.

The retailer, which is under the control of Rutland Partners, employs 2,500 people and has over 200 stores. Among its reported potential buyers is Edinburgh Woollen Mill.

Meanwhile another possible scenario is Maplin still going into administration with a sale lined up.

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