Maplin finalises store closures

Maplin, the electronics retailer, has closed all of its 200 stores, IT Pro understands, but it is still seeking a buyer for its IP assets and brand name.

The company used to be one of the UK's biggest electronics retailers, and had 2,300 members of staff, but collapsed into administration in February after failing to secure a sale.

The administrators, PwC, declined to comment, but there is a continuing effort to sell remaining assets, such as its brand name.

Maplin had been on the high street since 1972 when it opened its first shop in Westcliff-on-sea in Essex. The brand has had several owners, the last being Rutland Partners.

PwC's joint administrator for Maplin, Zelf Hussain, previously cited a drop in consumer demand for higher-priced products and the fall of the pound as factors behind Maplin's closure.

He said: "The challenging conditions in the UK retail sector are well documented. Like many other retailers, Maplin has been hit hard by a slowdown in consumer spending and more expensive imports as the pound has weakened."'

Yorkshire-based online retailer Buy IT Direct lodged a bid for Maplin's brand and website at the start of June. At the time, managing director Nick Glynne said: "Maplin will be a great addition to our portfolio of brands."

Reportedly, the bid has not been accepted as yet, but Glynne is still hopeful of preserving the fallen retailer's online brand. Speaking to CRN, he said that he understood Buy IT Direct was one of two bidders in the frame for the assets but had received no comment back from the administrator.

He warned that although the brand's online value is decreasing by the day, he is still keen to reach a deal.

"Maplin had a strong position in Google's natural search, which would mean we wouldn't have to pay for as much of the traffic," he explained. "But the administrator lets the website disappear and that value diminishes by the day."

"It makes sense for us. We are very strong on big-ticket items, laptops, appliances, drones etc. But where we are not as strong and where the next wave of growth is going to come from in consumer electronics, is the smart home. Maplin gives a platform there which would be harder to do off the back of our existing website Laptops Direct."