gadgetshop goes into admin

**Mogga** · 13-03-05

http://news.bbc.co.uk/1/hi/business/4345293.stm

High Street retailer The Gadget Shop, which employs 700 staff, is to go into administration this week

**Kandevil** · 14-03-05

The chain is not being placed in administration because it is in financial difficulties but because some directors want to sell the business while others are opposed to the move, and placing it in administration now may force a sale.

**ben01** · 21-03-05

Surely forcing the company into administration will have a massively negative effect on the company value?!

**Bod** · 21-03-05

Acording to the Hull Daily Mail, the company was started by a Hull Businessman and could see some of the 742 staff redundant.

POTENTIAL BUYERS LINE UP FOR GADGET SHOP

09:30 - 16 March 2005 Hull Daily Mail

The administrators of Hull-based retail chain The Gadget Shop today said there had already been a number of genuine expressions of interest in buying the business.

Accountancy firm PKF has taken control of the business after it was placed in administration last night following a boardroom dispute.

Talks are under way about the possibility of closing some of the 65 Gadget Shop stores across the country, and making some of the 742 staff redundant.

However, PKF stressed any action would be minimal and it had yet to identify any stores.

Executive chairman Chris Gorman, who led a consortium that took a controlling interest in the chain in 2002, said: "We have built an exceptional brand in The Gadget Shop.

"I am confident a buyer can build on the foundations of that excellent brand and allow the innovation of the business and its products to continue and develop.

"My priority is to work with the administrators to ensure as many jobs as possible are preserved and that suppliers' future business is protected."

Bryan Jackson, a partner at PKF, said he was confident the majority of the business would continue to trade.

**EyeOfTheTiger** · 21-03-05

I like the gadget shop so want to save it, maybe we could all form a coop with our money. Save it as a going concern.

I've got £15 I've saved by not going on the p*ss last night to chip in. Anyone else?

Tiger