Published on 1 - October - 2010
Independent electrical retailer enters liquidationAn independent electrical retailer based in Norwich has entered liquidation after struggling to compete with online retailers and national chains.
The Plug and Socket, which traded from two premises at Thorpe St Andrew and Costessey, sold and repaired household goods such as ovens, dishwashers, washing machines and other smaller appliances.
On September 23, 2010, Jamie Playford of Norwich insolvency firm Parker Andrews was appointed liquidator of the business, which he said found it "increasingly difficult" to compete with multiples such as Comet and Curries, as well as a growing number of online retailers.
"The competition from national chains was an obvious issue," he told DIY Week. "They also couldn't compete with internet prices. A lot of their business was also repairs, which not as many people need now - often it's cheaper just to buy a new one, so their business model was flawed."
The business, which has been trading for more than 20 years, was forced to make all of its six employees redundant just prior to liquidation.
Mr Playford confirmed to DIY Week that the retailer's two premises will be handed back to landlords, while it's "unlikely" that creditors will receive any money at all.
The amount of money owed to creditors which will remain unpaid is £125,000, including around £10,000 owed to at least 30 members of the public who had paid either a deposit or the full price for appliances the retailer is now unable to provide.
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