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.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children