One of the UK’s biggest electrical goods chains is locked in a 48-hour battle to avoid administration amid an impasse over the terms of a rescue deal with its potential buyer.
Sky News understands that Maplin, which employs about 2,500 people and trades from hundreds of shops, is targeting an injection of new capital by the end of the month amid what sources close to it described as “cashflow issues”.
However, talks with Edinburgh Woollen Mill (EWM), the high street empire owned by the tycoon Philip Day, are said to be progressing more slowly than either side would like because they have yet to reach agreement on the ongoing involvement of Maplin’s current owner.
EWM is understood to be keen for Rutland to retain a stake in a new company that would be established to take ownership of the electricals retailer.
One source close to the talks suggested that Rutland “must be willing to play a role in the future of the company” in order for a deal to be struck.
Maplin is said to be seeking tens of millions of pounds to keep it afloat, with a number of substantial liabilities falling due in the coming days.
One person close to Rutland indicated that the fund remained “open-minded” about participating in a deal, which could be structured as a pre-pack administration.
If Maplin is unable to seal a rescue package, it would add to the gloom enveloping the British high street, with Toys R Us UK expected to appoint administrators on Tuesday morning.