Maplin on the brink after dismal Christmas

Maplin could be close to calling in administrators, according to a report by Sky News.

It says that Rutland Partners, which took control of the retailer in 2014, is in talks with potential buyers, including Edinburgh Woollen Mill (EWM). Rutland wants to secure new investors for Maplin by the end of this week, with a pre-pack administration being considered as a viable option if a solvent sale cannot be concluded.

Maplin, which has just over 200 stores across the UK, reported that sales during the Christmas period plunged by 7% on a like-for-like basis. This was partly as a result of stock shortages triggered by the withdrawal of credit insurance to some suppliers last autumn.