Renowned Liverpool retailer Rapid Discount Outlet has gone into administration.
The DIY store was reinvented in 2013 after the collapse of its original company Rapid Hardware, which had traded successfully in the city for over 40 years.
Three years earlier, the firm left its native Renshaw Street address, where it had operated since 1971, to Basnett Street, close to St John’s Shopping Precinct.
Rapid’s accounts were due to be submitted to business regulator Companies House at the end of March but remain outstanding almost two months on.
Administrators Duff & Phelps have confirmed that the business will continue trading as they assess its future after its accounts were past due.
A spokesperson saidsaid: “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.”