At the request of the Directors, Richard Fleming and Julian Whale of KPMG Corporate Recovery were on the 31 October appointed joint administrators to Shop Electric Group plc, the holding company, and its two trading subsidiaries: Northern Retail Limited (trading as Northern Electric), which runs the 25 UK electrical retail outlets, and B2C Support Services Ltd, the warranty support company. The Group is not owned by Northern Electric plc.
Ray Jackson, Richard Fleming and Julian Whale of KPMG Corporate Recovery are also appointed joint administrators to Shop Electric Limited, which runs 35 electrical retail outlets in Northern Ireland.
The Group, which is based in Belfast and the north of England, has its head quarters in Gateshead and employs approximately 500 staff, with an annual turnover of £80 million. All the stores have been closed today for 72 hours to allow the administrators to undertake a stock take. The majority of staff have been sent home.
Richard Fleming, KPMG Corporate Recovery Partner and joint administrator said:
“Northern Electric and Shop Electric have suffered from competitive pressures and squeezed margins as the pre-Xmas seasonal upturn has failed to emerge.
“We hope to sell as many of the stores as going concerns; and we will decide early next week whether to open some of the retail stores.”
For further information please contact: Katy Broomhead, KPMG Corporate Communications Tel. 0161 246 4623 Mobile: 07775 708917 Email: Katy.broomhead@kpmg.co.uk
Judith Dow, KPMG Corporate Communications Tel: 0207 694 8584 Mobile: 07786 197718 Email: Judith.dow@kpmg.co.uk
From creditman.biz