3 August 2006 — Bicester (UK): PowerHouse, the UK’s third biggest electrical retailer, has gone into administration for the second time in three years.
Former Blue Star CEO Eric Watson, who now heads-up PowerHouse’s parent company PRG Group, has enlisted the administration services of BDO Stoy Hayward.
A spokesperson for BDO said: "Internet retailers and increased competition on the highstreet, coupled with an ongoing deterioration in the UK electrical retail market, has led to PowerHouse being unable to sustain its position in the retail marketplace."
The administrators have taken the decision to close all 50 of PowerHouse’s stores immediately, making 500 workers redundant. The fate of another 150 distribution staff hangs in the balance.
