BusinessBusiness Recovery400 jobs cut at Northern Electric

400 jobs cut at Northern Electric

KPMG has axed more than 400 jobs at household appliance retailer Northern Electric, after the firm's appointment as administrator at the end of October.

Richard Fleming and Julian Whale of KPMG corporate recovery made the cuts within a week of becoming joint administrators to Shop Electric Group plc. It is the holding company for both Northern Retail Limited (trading as Northern Electric) and B2C Support Services, the warranty support company.

Fleming said: ‘Northern Electric and Shop Electric have suffered from competitive pressures and squeezed margins as the pre-Christmas seasonal upturn has failed to emerge.

‘Unfortunately, we’ve had no choice but to make 117 staff in the UK and 285 in Northern Ireland redundant.’

Fleming said KPMG was working to sell Northern Electric’s 35 stores in Northern Ireland and 25 on mainland Britain as going concerns. But plans for a number of reopenings for sales of remaining stock have so far led to just one, in North Shields.

Northern Retail Limited is not owned by power firm Northern Electric Plc.

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

7d Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

7d Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

4w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor