The electrical goods retailer Tempo has gone into administration, placing more than 800 jobs, including its entire marketing department, at risk.
PricewaterhouseCoopers, the appointed administrators, are searching for a buyer for the group in an effort to preserve the business and safeguard jobs. One unnamed company has already expressed an interest in buying the chain.
It is not clear how the announcement will affect the position of marketing director Graham Hoyle, or the retailer’s relationship with Banks Hoggins O’Shea/FCB, which handles its &£4m creative account. The FCB group also handles Media buying.
The news comes less than six months after Tempo announced plans to ditch a fifth of its stores, resulting in more than 200 redundancies.
The store closures followed a strategic review by chief executive Ian Parsons, who joined Tempo from Wax Lyrical in October last year.
The company, which has its headquarters in Tolworth, Surrey, and 37 retail outlets, will continue to trade as normal for the time being.
Neville Kahn of PricewaterhouseCoopers blames the highly competitive nature of the electrical retail market for Tempo’s troubles.
He says: “By obtaining an administration order the group has been given a breathing space which will enable it to trade through the critical Christmas and new year trading period.
“We intend to keep all stores open whilst seeking a buyer for the whole or part of the business.”