Maplin employs 2,335 members of staff and has an annual turnover of £235.8m. It operates 217 stores across the UK and Ireland and has head offices in London and Rotherham.

PwC administrators say the company experienced a decline in performance as a result of the softening of consumer demand in what has been a challenging retail environment and higher-priced (US denominated) products. A solvent sale of the business had been pursued by management in recent weeks but unfortunately could not be concluded. Given the cash position of the company, the directors resolved to put Maplin into administration.

The joint administrators will continue to trade the business as normal whilst discussions take place with interested parties in an attempt to find a buyer.

Zelf Hussain, joint administrator and PwC partner, 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.

‘Our initial focus as administrators will be to engage with parties who may be interested in acquiring all or part of the company.

‘Staff have been paid their February wages and will continue to be paid for future work while the company is in administration.’

Report by Pat Sweet