Administrators appointed to Laser Electrical

Administrators have been appointed to Laser Electrical, one of the North’s largest locally owned electrical retailers.

Some 150 full- and part-time jobs are under threat at the chain which operated 10 stores across the North.

The administrator to the company, KPMG, is blaming the recession in Northern Ireland as one of the key factors behind its collapse.

Laser had been in business for almost two decades in the North and was the subject of a local management buyout nearly six years ago.

It is understood the current owners of Laser had been trying to secure new investment to rescue the business but were unable to attract suitable backers.

All of the company’s stores have now closed until further notice in the North.

KPMG is hoping a buyer can be found for the business and if possible the jobs will be saved in Northern Ireland.