The UK's third largest independent electronics retailer Powerhouse went into receivership yesterday.

Finance firm Deloitte & Touche, which has been appointed administrator, is trying to find a buyer for the company, protecting Powerhouse from angry creditors for the time being.

"We are carrying out a rapid assessment of the company?s operations with a view to selling the business as a going concern," said Nick Dragan, partner at Deloitte & Touche.

"The company has already taken the decision to close 93 of its 223 stores, and the remainder will continue to trade as we try to find a buyer. This will result in 815 redundancies - 613 among superstores and 202 among high street shops," he added.

The store closures will take place on Friday 29 August.

Last year, the Powerhouse?s profits fell to £300,000 on a turnover of £384m. In 2001, the company took over Scottish power's retail stores, making it the country's third largest retailer behind Dixons and Comet.

Deloitte has given no information as to where customers who have paid for goods but not receive them stand, or indeed what will happen to existing warranties. We will bring you more news as soon as we have it.

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