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Daily Insurance Industry News
Monday 20th of May 2019
January 21, 2009

Credit insurance failure busts Empire

by David Masters

Story link: Credit insurance failure busts Empire

Empire, an electrical goods replacement business used by many UK insurers, has gone into administration.

Ironically, the company’s failure to survive is attributed to its suppliers being refused credit insurance.

Insurance companies used Leeds-based Empire to replace damaged electrical appliances in the homes of policyholders.

Empire Direct, the company’s internet based retail business, was one of the biggest independent electrical retailers in the country.

Administrators KPMG said the company’s finances entered difficulty when credit insurers withdrew cover on the business in October.

Poor Christmas sales compounded its woes.

 

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