ADMINISTRATORS HAVE failed to find a buyer for the North’s largest locally owned electrical retailer which has triggered the loss of 140 jobs.

Laser Electrical appointed administrators to the business last week in the hope that a potential buyer could be found to rescue the company which operated 10 stores across the North.

The administrator to the company, KPMG, said yesterday it had been unable to secure a way forward for Laser and its former employees who have been made redundant.

The administrators have advised any customer or creditors of the electrical firm in the North to contact them directly.

The Northern Ireland Independent Retail Trade Association has described the closure of Laser Electrical as a major blow for the local economy.

Glyn Roberts, the association’s chief executive, believes one of the factors which contributed to the closure of Laser is the number of large supermarket groups in the North which also sell electrical products.

Mr Roberts said it would have been difficult for Laser to compete against them.

The association has expressed its concern about the outlook for small independent retailers in the North which it claims are suffering the direct impact of the continuing downturn in the local economy because of the drop in consumer spending.

Recent research from Ulster Bank shows the North has been harder hit by the recession than Britain.

Richard Ramsey, Ulster Bank’s chief economist in Northern Ireland said this has resulted in a steep decline in the number of people in work.

The association has highlighted the example of one family-run supermarket in Strabane which is being forced to close after 16 years in business, with a loss of 100 jobs, as a warning that other small retailers may be forced to follow suit.