Liverpool’s Rapid Hardware in administration
THE closure of Central Station forn renovation work contributed to the administration of city landmark Rapid Hardware.
The station closed for six months last year for a £20m upgrade and administrators have said this had a dramatic effect on passing trade.
Philip Duffy and Sarah Bell, based at the Manchester office of the accountancy group Duff & Phelps, were appointed to the business on Tuesday.
Rapid is a family run department store based in Liverpool since 1971. In 2009 it moved from its Renshaw Street home the former George Henry Lee store in Williamson Square.
It recently completed a major refurbishment and today employs around 100 staff.
Mr Duffy said: “High street trading conditions continue to be difficult for many retailers. The closure during much of last year of a local transport hub compounded this resulting in a dramatic loss of passing trade, the financial consequences of which were ultimately insurmountable.
“We are now examining the financial position of the company and the store will remain open for business whilst this review is undertaken.”