High Street chain looks for “solvent sale” after losing trade credit insurance

Technology retailer, Maplin is looking for a buyer after losing all its trade credit insurance.

A company spokesperson said: “We are focused on a solvent sale with interested parties, which continues to progress at pace.”

Edinburgh Woollen Mill has been rumoured to be a potential buyer.

Suppliers will now only work with the troubled chain if it pays them up front, something it is reportedly disinclined to do.

A trader told The Register back in October 2017: “If they paid upfront we would deal with them, but they won’t do that.”

Now that all trade credit insurance has been lost, Maplin has two options: find a buyer or go into administration.

The company is reportedly in advanced talks with potential buyers.

A report by Computing magazine noted the credit insurance withdrawal, which puts Maplin in a similar position to that previously suffered by Carillion.

Maplin is currently owned by Rutland Partners, and it employs 2,500 people and has over 200 stores nationwide.