Image source, Toyota

Some good news: Japanese carmaker Toyota said it will build the third generation Toyota Auris at its car plant in Burnaston, Derbyshire

Meanwhile the company's factory in Deeside, North Wales will be the main source for its engines.

Dr Johan van Zyl, chief executive, said: “Producing Toyota New Global Architecture-based vehicles locally is a key part of our plan to strengthen the global competitiveness of our plants."

Image source, Getty Images

The Pension Protection Fund faces a £38m bill thanks to the Toys R Us Pension liabilities, warns pension expert Ian Browne of Old Mutual.

But he had reassuring words for the company's workers.

"Members of the company’s pension schemes need not panic," he said.

"When schemes collapse they fall into the hands of the PPF, who have the responsibility for paying workers’ pensions."

Those who already reached the scheme’s normal pension age will receive 100% of their pension. For those who haven’t reached the normal pension age, the PPF will pay 90% of what their pension is worth, up to a cap.

This cap is currently just over £38,500 per year for someone retiring at 65, so it only affects the highest earners.

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Neil Wilson, senior market analyst at ETX Capital fears that the Toys R Us and Maplin collapses won't be the last in the High Street.

"Clearly these are tough times in UK retail, with a combination of structural game-changers and a softening in consumer confidence affecting larger ticket items.

"Low rates and a buoyant economy kept them afloat for longer maybe than they ought to.

"Ultimately this is a necessary shakeout of some pretty out-dated retailers, which though terrible for those affected by job losses, is likely to mean a leaner, fitter retail market and a more productive use of capital.

"The question is whether there are more out there that could by the wayside.”

Image source, Getty Images

Maplin was founded in 1972 and has more than 200 stores and 2,500 staff.

It is owned by private equity company Rutland Partners.

According to accounts filed at Companies House in January, Maplin recorded a pre-tax loss of £3.9m in 2016-17, which was up from £2.1m in the year before.

Boss Graham Harris said today: "We believe passionately that Maplin has a place on the high street, and that our trust, credibility and expertise meets a customer need that is not supported elsewhere."

Restaurant chain Prezzo plans to close up to one-third of its 300 outlets across Britain, according to a report on Sky News, external.

It says Prezzo is preparing to launch a Company Voluntary Arrangement (CVA) in the coming days in order to push through a radical overhaul of the chain.

The closure plan will reportedly affect roughly 100 Prezzo-owned outlets and involve the complete closure of its Tex-Mex chain Chimichanga.

What went wrong at Maplin? Boss Graham Harris said: "The business has worked hard over recent months to mitigate a combination of impacts from sterling devaluation post Brexit, a weak consumer environment and the withdrawal of credit insurance.

"This necessitated an intensive search for new capital that in current market conditions has proved impossible to raise. These macro factors have been the principal challenge not the Maplin brand or its market differentiation."

Graham Harris, Maplin chief executive, said: "We will now work tirelessly alongside Zelf Hussain, Toby Underwood and Ian Green, from PWC, who have been appointed as the as Joint Administrators of Maplin Electronics Limited, to achieve the best possible outcome for all of our colleagues and stakeholders.”

Graham Harris, chief executive of Maplin has confirmed that the retailer has gone into administration.

He said: “I can confirm this morning that it has not been possible to secure a solvent sale of the business and as a result we now have no alternative but to enter into an administration process. During this process Maplin will continue to trade and remains open for business."

And here's a tip for anyone thinking of popping into a local Toys R Us branch to snap up a bargain.

Alex Neill of Which?, advises: “If you intend to buy something worth more than £100, make sure you use a credit card as you’ll be able to make a claim against your credit card company under Section 75 Consumer Credit Act if anything goes wrong.”

Kevin Peachey
Personal finance reporter

A large sale of remaining products at Toys R Us is expected. The administrators said this would happen in stores only, as the online service and click and collect will be closed immediately.

Shoppers who have ordered an item already on click and collect can still pick it up, but only if that item is still available in stock.

Anyone with Toys R Us gift cards and vouchers should spend them in stores as soon as possible before the shops are closed down. No more gift cards will be sold.

The retailer had a "take time to pay" service, which allowed customers to reserve a product and then pay for it gradually for 12 weeks, before picking it up. The administrators said these reservations would be honoured, provided that the outstanding balance was paid and the goods collected by 11 March.

Alternatively, customers can use their deposits towards the cost of any other item bought in a store by 11 March.

This 1990 ad for Toys R Us - promoting it as a "magical place" - is a reminder of just how popular the chain was in its early years in the UK.

Emma Simpson
Business correspondent, BBC News

Retail is tough right now, even for the strong players. Toys R Us has made a loss seven out of the last eight financial years.

It’s a subsidiary of an American business which has been drowning in billions of dollars of debt. Financially weak,

Toys R Us has been unable to adapt to changing shopping habits. These days, many shoppers don’t want or need to drive 20 mins to a big out of town warehouse to buy toys.

Costs have been rising for all retailers and consumer demand has been softening. It’s a combination which is putting pressure on many retailers and the weaker ones are particularly exposed.

Toys R Us was once the disrupter, a so called category killer. Now many are wondering if it can survive in the UK and in what form.

Image source, Getty Images

The Toys R Us administrators said gift cards and vouchers would continue to be honoured whilst the stores continued to trade, "but customers are encouraged to redeem such vouchers as soon as possible as stores may be subject to closure without notice".

They added that no further gift cards would be sold from today.

Customers who have reserved goods and put down deposits under the Toys R Us "Take Time To Pay" scheme will have to pay the outstanding balance and collect the items by 11 March, or use the deposit for something else.

The administrators warned that customers won't be able to order goods online or use the “click and collect” service any more.

However, all outstanding “click and collect” orders placed online will be fulfilled "subject to the stock continuing to be available".

More on Toys R Us from joint administrator Simon Thomas at Moorfields.

“We will make every effort to secure a buyer for all or part of the business. The newer, smaller, more interactive stores in the portfolio have been outperforming the older warehouse-style stores that were opened in the 1980’s and 1990’s," he said.

“Whilst this process is likely to affect many Toys R Us staff, whether some or all of the stores will close remains to be decided."

Moorfields Advisory has been appointed admistrators to Toys R US.

It says all stores will continue trading until further notice.

Stock will be sold off using clearance discounts and other special promotions

The administrators say customers should redeem gift cards and vouchers as soon as possible

Image source, PA

Toys R Us has gone into administration in the UK- putting about 3,000 jobs at risk.

The toy chain failed to find a buyer for the business.

Toys R Us employs about 3,000 workers in its 105 UK stores.

Image source, Getty Images

More on Foxton's from ETX Capital's Neil Wilson.

He reckons for Foxtons it’s all about how quickly the market in London turns around.

"There is a clear rationale for saying that the hot flows of capital that flooded London property and pushed up the pound in the years prior to the Brexit vote have cooled and won’t be warming up any time soon," he adds.

"While ultimately this could be positive and create a more sustainable property market in London, investors in Foxtons may have to accept that the rampant price growth in the capital that drove shares in the good times, is a thing of the past."

Image source, Getty Images

Foxton's results revealed a 65% fall in profits to £6.5m and a 23% drop in sales revenues to £42.6m. Lettings revenues fell 3% to £66.3.

Neil Wilson, senior market analyst with ETX Capital said: "Foxtons final results make for grim reading.

"Investors will have to suffer some pain – total dividends have been slashed to 0.7p a share from 2p.

"Investors may be losing patience and there is a chance that the recent share price weakness, combined with pressure from online competitors, forces consolidation in the sector.

"The more traditional letting agents must be looking for a way to cut costs in this environment. There is a clear rationale for mergers and acquisitions."