Electronics retailer Maplin says it hopes to secure new investment in the company in a matter of days amid speculation it is sliding in to administration.

But the company, which has stores in Carlisle and Barrow, said it would neither confirm or deny reports that one of its financial suitors is Edinburgh Woollen Mill.

Edinburgh Woollen Mill has been considering moving its headquarters to Carlisle's Rufus House in Castle Street.

Maplin is seeking an injection of capital as part of a wider reset of its financial structure, a spokesman said.

The company’s new chief executive has already outlined a three-pronged strategy to turn around business, which include taking £10m off its cost base, seeking better terms of landlords and setting professional services giant PricewaterhouseCoopers the challenge of finding and securing new investment.

According to Sky News sources, PWC has approached Edinburgh Woollen Mill owner and chief executive Philip Day and the two parties are now in “active talks”.

A Maplin spokesman would not be drawn, stating all interested parties have signed a non-disclosure agreement, while Edinburgh Woollen Mill said it would not comment on the report.

The spokesman added: “We are in advanced talks with a number of parties and expect to be in a position to announce a solvent sale of the business within days.

“Once secured, this will stabilise the business to the benefit of all stakeholders and provide Maplin with the financial firepower to deliver its 2020 multichannel strategy focused on smart tech.”

Maplin, founded in 1972, has more than 200 stores and 2,500 staff across the UK.

The Carlisle store is on London Road Retail Park, and the Barrow outlet ixs at Corner House Park on Hindpool Road.

Maplin has been owned by private equity firm Rutland Partners since 2014.

Dubai-based billionaire Mr Day led a buyout of EWM backed by Rutland Partners in 2001, before acquiring the company for £67.5 million a year later with the backing of Bank of Scotland.

Edinburgh Woollen Mill Group has since grown, taking over furnishing companies Ponden Mill and Rosebys, golfing brand ProQuip and women's fashion retailer Jane Norman.

In the last few years, it has bought outfitters Austin Reed, Country Casuals and fashion brand Jaeger from administration.