The failure of electrical retailer Maplin has shocked the market after fuse saw it coming, but is it indicative of the current state of the British economy? Would cancelling Brexit help amp things up again? Our business correspondent filed this flash report.
British electrical retailer Maplin has entered administration, after failing to find a buyer for the business. Sparks flew at the press conference though, as CEO Sir Kit Board was in resistant form. The import driven business has suffered heavily from changes in FX, which Sir Kit said was short for that “Farage Exit” (he didn’t say Farage, but that’s the strongest swearing I will allow in this family friendly piece).
In a candid interview with the Herald he said:
“There’s no short cuts in this business, we can’t short circuit. The administrators are in, because we couldn’t catch the breaks we wanted. But we will solder on, and we will fix this.”
“It’s still snowing. So, the people who caused this mess will be dropping like flies. If flies were made from hypothermic gammon. Then we can reverse this nonsense whilst the rest of the Brexshits are still trying to work out how you can have both snow and global warming. Did you see what Farage wrote about lack of gritting being due to Councils believing in global warming? The man’s a frothing gibbon!”
Maplin operates over 200 stores in Britain and Ireland and became the second high street chain to collapse on Wednesday. Toys R Us has also entered administration after an ill-judged US expansion into Kinder Eggs instead of arms dealing wrecked its reputation. Elsewhere on the High Street, the hospitality sector is in buoyant mood however as increasing pressure has caused bars to rise, with locally produced stock and consumption helping resilience.
However, sector analysts advise Toby Carvery may be at risk if the cold snap causes stocks of British gammon to expire.