Maplin, one of the UK’s biggest electronics retailers, is in talks with potential buyers following reports of potential administration.

First reported by Sky News, a possible sale is on the cards after insurers withdrew credit cover last year following the retailer’s falling profits.

Founded in 1972 Maplin has more than 200 stores and 2,500 staff, and hopes to strike a deal this week, the company said.

It remains hopeful about a deal saying it expects to achieve a "solvent sale" within days.

"Once secured this will stabilise the business to the benefit of all stakeholders and provide Maplin with the financial firepower to deliver its 2020 multi-channel strategy focused on smart tech,” said a statement from the company.

The company’s 2020 Vision Strategy aims to take on retail giants such as Amazon through innovation through installing as well as selling smart devices.

According to Sky News, potential buyers for the electronics giant include clothing company Edinburgh Woollen Mill.

Reports also point to the possibility of a pre-pack sale if Maplin does not land an outright buyer, which separates out the healthy part of a business going into administration in order to line up a buyer quickly and sell it on.

Rutland took control of Maplin in 2014.