Wed, 21 Mar 2012 | ADMINISTRATION
A buyer is being sought for consumer electronics company AJ Electronics after it fell into administration.
The company, which is based on London’s Edgware Road, has appointed Alexander Kinninmonth and Duncan Beat of RSM Tenon as joint administrators. They have confirmed that they are currently working with “interested parties” with a view to sell AJ’s goodwill and tangible assets.
The company has been in business for 28 years and specialises in the retail, wholesale and export and import of electrical goods, including display screens and computer hardware.
Kinninmonth said that the high street shop had suffered a drop in trading due to an increase in online spending.
“Corporate insolvencies in the retail sector are on the increase and the impact of the internet and online shopping continues to have a significant impact on turnover,” he explained.
Figures for the year to 31 December 2010 showed that the company’s turnover suffered a year-on-year fall from £24 million to £22.2 million, and its pre-tax profit fell from £317,000 to £59,000.
The company is not the first high street electronics retailer to suffer the effects of increased online spending, with a number of operators of Sony stores across the UK going to the wall and Game Group currently struggling for survival.
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