Maplin to double number of stores over next three years

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Electronics retailer Maplin has unveiled plans to more than double the number of new stores it opens during the next three years.

The Rotherham-based business, which has 195 stores across the UK, opened 14 stores in 2011.

Maplin says it also plans to expand its business to business division and multichannel retailing services - selling to consumers via the internet, mobile phone apps, telephone and mail order

The company says the average value of transactions in its stores grew by 0.3 per cent on a like for like basis during 2011, although overall sales fell by 1.6 per cent to £205 million in 2011 from £208.4 million in 2010, which included an additional week that contributed £4.7 million of sales.

Earnings before interest, tax, depreciation and amortization fell from £40.8 million in 2010 to £29.9 million in 2011.

Maplin has appointed Mike Lucas as retail director and Ryan Thomas as multichannel director.

Mr Lucas was retail director of the British Heart Foundation and previously worked for Asda and Somerfield, while Mr Thomas joins Maplin from Comet.

They join chief executive John Cleland, who arrived at Maplin in April and was chief executive at Esporta, where he oversaw the turnaround and sale of the business to Virgin Active. Mr Cleland had previously worked for Walmart and Sainsbury’s, and he also led Somerfield through its turnaround and sale to The Co-op in 2009.

Mr Cleland said: “We continue to be highly profitable and look forward to delivering our plan for growth, which will enable us to further strengthen our market position.

“Whilst there will be a short term impact on profitability as a result of increased investment in our growth initiatives, this plan will bring significant benefits to our customers and improvements to the company as a whole.”