Maplin still owes £150m to creditors

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Maplin

Maplin is understood to owe its creditors nearly £150 million and doubts have been cast over how much many of them will get back once all its assets are sold.

Following its collapse into administration last month, PwC has been selling off its stock and other assets in an attempt to pay back millions it owes to creditors.

According to the Press Association, the largest majority will go to secured creditor Rutland, who is owed over £100 million.

Trade creditors like Google are owed around £30 million, while its principal secured creditor Wells Fargo is owed around £10 million.

Despite its hefty outstanding commitments, sources have revealed creditors are unlikely to receive a substantial return on their investments.

Since its collapse PwC has been searching for a buyer for some or all of the business. Although there have been around 60 expressions of interest no concrete offers have been made.

In light of this PwC’s Toby Underwood said store closures may now be unavoidable, and the as yet unaffected 2500 staff members may start being culled.

Maplin collapsed last month on the same day as Toys R Us after months of financial struggles and a failed last-minute sales process.

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