More than 2,500 jobs are believed to be at risk after talks broke down with a potential buyer. Maplin announced it was seeking a takeover deal, with its future sights set on smart home installation.

The firm's private equity owner Rutland Fund Management was in talks with retail chain Edinburgh Wooden Mill (EWM) - which also owns Peacocks and Ponden Home. However, it looks like these talks went tits up leaving Maplin forced to contact the receivers.

The administrators have been named as PwC and they said that Maplin's stores would remain open by it as it searches for firms interested in buying parts of the business.

Graham Harris, Maplin CEO, said in a statement: "I can confirm this morning that it has not been possible to secure a solvent sale of the business and as a result, we now have no alternative but to enter into an administration process. During this process, Maplin will continue to trade and remains open for business.

"The business has worked hard over recent months to mitigate a combination of impacts from sterling devaluation post-Brexit, a weak consumer environment and the withdrawal of credit insurance. This necessitated an intensive search for new capital that in current market conditions has proved impossible to raise. These macro factors have been the principal challenge, not the Maplin brand or its market differentiation.

"We believe passionately that Maplin has a place on the high street, and that our trust, credibility and expertise meets a customer need that is not supported elsewhere.

"We will now work tirelessly alongside Zelf Hussain, Toby Underwood and Ian Green, from PWC, who has been appointed as the as Joint Administrators of Maplin Electronics Limited, to achieve the best possible outcome for all of our colleagues and stakeholders."