Laser goes into administration

Northern Ireland’s largest locally owned electrical retailer Laser Electrical Ltd has entered administration.

The directors of the company, which has 10 stores and 140 full and part-time employees, has called in administrators after running into cashflow difficulties.  John Hansen, joint administrator, said Laser’s directors had been in negotiations to bring in new investment over the past few months but had not been successful.  He said that falling turnover, a squeeze on profit margins and general economic uncertainty have led to its problems.

“All stores have been closed until further notice whilst the Joint Administrators carry out an assessment of the business and the options for the way forward" said Mr Hansen.

The Joint Administrators said they are in the process of contacting the company’s creditors and have requested that anyone who has a claim against the company or who may have goods on its premises to contact KPMG in writing.

Laser was formed more than 20 years ago and sells electrical products.  Mr Hansen said that no new orders would be taken and no deliveries would go out until the company’s finances had been fully assessed.

Posted at 07:20PM Apr 12, 2010 by Kelly Board in Insolvency  |  Comments[0]