The Wap Store, founded in 1990, ran into trouble after expanding significantly over the last year and a half.
Simon Bower and Daniel Smith, partners at RSM Robson Rhodes, were appointed joint administrative receivers on Wednesday.
Bower explained: ‘Unfortunately, the downturn in the mobile phone sector coincided with this expansion. Despite extensive efforts to restructure the business, the directors were unable to obtain additional funding and had no alternative but to cease trading.’
The receivers have so far sold ‘a significant number’ of the company’s 61 outlets to Cityphone Group’s retail outlet Talk4All.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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