Shop display maker SP Group is latest victim of the crisis on the High Street as it collapses with 371 jobs at risk
SP Group was hit by a sales slump as customers axed contracts in a battle to save cash due to the High Street downturn
Shop display maker SP Group has collapsed with 371 jobs at risk as the retail crisis continues.
The Redditch-based firm was hit by a sales slump as customers axed contracts in a battle to save cash due to the High Street downturn.
It has now appointed administrator Duff & Phelps after it was unable to pay its debts.
The firm, bought by French former investment banker Landry Kouakou as part of a £6million deal in March, produces signs and store displays for shops.
It has 371 staff and is more than 60 years old. Joint administrator Allan Graham said: ‘We are working with management to explore the options available to preserve as much of the business as possible.
‘However, there may be substantial job losses.’
It comes as internet shopping businesses such as Amazon lay waste to the High Street, with more than 50,000 retail jobs lost this year.
The Mail is campaigning for cuts to business rates and fairer taxes for online firms, so traditional retailers can compete.