Liverpool hardware retailer Rapid in administration

Rapid Discount Outlet, the Liverpool based Hardware, DIY and Gardening business has collapsed into administration, just four years after recovering from a previous collapse.

The business had to be reinvented in 2013 after the original company Rapid Hardware, fell into administration after successfully trading in Liverpool for over 40 years.

In 2010, the company moved premises from Renshaw Street, where it had operated since 1971, to a new location on Basnett Street, near to St John’s Shopping Precinct.

Rapid’s annual accounts were due to be submitted to Companies House at the end of March but two month on, they remain outstanding.

Duff & Phelps have been appointed as administrators for the business and have confirmed that the company will continue trade as they assess its future viability.

A spokesperson said: “Philip Duffy and Sarah Bell, Managing Directors at Duff & Phelps have been appointed Joint Administrators to Rapid Discount Outlet, the Liverpool based home improvement retailer. “The administrators are reviewing the financial position of the business, with a view to continuing to trade to enable the business and assets to be sold.”

Source: Insight Team

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