Maplin in race for a buyer to save 2,500 jobs

ELECTRONICS chain Maplin, which employs 2,500 staff, was struggling to stay afloat last night.

Bosses are said to be desperately seeking cash to help save the British retailer before it collapses into administration. They are talking to potential buyers and want to secure new investment before the end of the week.

It comes after credit insurers refused to offer cover – protection that payments will still be made if a retailer cannot pay its bills – to Maplin’s suppliers last year. That heaped pressure on the firm because some suppliers may have refused to deliver goods unless they were paid up front.

The company, which has 211 stores across the country, is the latest chain to be hit by the rise of online shopping.

New Look was recently plunged into turmoil and the UK arm of Toys R Us is said to be seeking fresh investment after nearly collapsing before Christmas.

Maplin was bought by Rutland Partners for £ 5million in 2014 but the business made a loss of £15. million last year. It blames its woes on the weak pound, rising costs and the impact of red tape.