1,000 jobs at risk at Powerstore

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The Independent Online
Powerstore, the electrical retailer with more than 80 stores in the UK, has applied to go into administration, threatening more than 1,000 jobs, writes Nigel Cope.

The company has applied for a court hearing on 29 April and is seeking voluntary arrangements with its creditors. However, the stores will continue trading as normal.

Powerstore is the latest in a string of casualties in Britain's cut-throat electrical retail market. It operates 52 high street shops and 33 out- of-town superstores. It was born out of the industry shake-out which has seen most of the electricity companies dispose of their retail divisions. Clive Vlotman, a former director of Dixons created the group in 1993 when he acquired some stores from London Electricity. A year ago it bought around 70 Homepower shops from East Midlands and Yorkshire Electricity. Last year it achieved sales of pounds 120m.