BusinessCompany NewsThe Gadget Shop saved by mystery bidder

The Gadget Shop saved by mystery bidder

Preferred bidder announced for The Gadget Shop.

An as yet undisclosed preferred bidder for collapsed high street retail chain The Gadget Shop has been found.

Link: PKF appointed as Gadget Shop administrators

Joint administrators PKF has announced that a deal is 10 days away from being concluded. The Gadget Shop folded with debts of £3m and had a closing bidding date set for noon yesterday (31 March).

Bryan Jackson, partner at PKF said he hoped to conclude a deal within the next 10 days. ‘I am delighted to announce that we now have a preferred bidder for the gadget shop. Every effort will be made to retain as many jobs as possible across the gadget shop’s remaining 55 stores,’ he said.

The company 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.

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