A NATIONAL electronics chain is in talks with potential buyers in a bid to save the business from administration- but the Andover branch told The Advertiser it is not at risk of imminent closure.

Maplin, which employs ten people at the Enham Arch Retail Park store in Andover, is expected to strike a deal this week.

A member of staff at Maplin Andover said: “There is no imminent closure.

“All we have heard is they are just looking for a new buyer, other than that there's no other information, no closure fingers crossed.”

Maplin recorded a pre-tax loss of £3.9million for the year ending March 31, 2017, up from £2.1m the year before.

The announcement comes as several high street chains including M&S, New Look, Toys R US and Debenhams have reported financial woes this year. 

A Maplin spokesperson said: “We are in advanced talks with a number of parties and expect to be in a position to announce a solvent sale of the business within days.

“Once secured this will stabilise the business to the benefit of all stakeholders and provide Maplin with the financial firepower to deliver its 2020 multichannel strategy focused on smart tech.”

The strategy involves competing with the online giants by installing devices as well as selling them, and also includes a new identity and revamp of stores.

Potential buyers for the business are thought to include Edinburgh Woollen Mill, which owns Jaeger, Peacocks, Country Casuals and other retailers.

The electronics retailer has had a presence in Andover for six years.