BusinessCompany NewsPKF to take on collapsed Gadget Shop

PKF to take on collapsed Gadget Shop

Administrators will be appointed to sell retail chain with £3m debts.

Business Recovery specialists PKF are expected to be appointed as administrators for retail chain the Gadget Shop today or tomorrow, after the company folded with debts of £3m.

Link: UK leaps ahead in EU online stakes

The company, which runs a 65-strong chain of technology-based retail outlets, collapsed after talks to sell-up to a listed retailer failed. It is thought that while founders Tom Hunter and Chris Gorman and chief executive Jonathan Elvidge favoured the sale, it was opposed by Freeserve founder Peter Wilkinson and UBS trader John Wood, who together control 40% of the shares.

A spokesman for the Gadget Shop told the Daily Telegraph that Gorman’s main concern was for the staff, and that he will be working hard with the administrator to find a buyer.

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