A is set to shut multiple stores across the country as businesses continue to struggle.

MaxiDeals, a bargain chain that gave tough competition to Poundstretcher, recently announced that they have gone into liquidation.

The announcement comes ahead of looming tax raid on businesses.

Paul Mathers, the chain's managing director from launch, told MaxiDeals had ceased trading "very suddenly".

He wrote in a statement online: "MaxiDeals was a new startup discount retail business backed by investors, where I was given the responsibility of opening its retail locations across various parts of the UK."

Mr Mathers blamed "really tough trading environment on the high street, accompanied with rising costs" for the downturn.

Originally named MaxiSaver, the retailer's first store was opened in Hinckley, Leicestershire, in August 2020.

Since then, the business has expanded to 24 stores across the UK under its parent company, J&E Group.

MaxiDeals entered voluntary liquidation on 18 February after it was agreed at a general meeting that it could not continue trading thanks to liabilities, records at Companies House show.

Many UK retailers have announced store closures in 2024 due to financial pressures, changing shopping habits, and economic conditions.

More than 13,000 high street shops shut down last year, a 28 percent increase from 2023, with experts predicting even worse closures in 2025 due to budget-related cost hikes

Boots has announced shutting multiple branches across the UK, including in Newcastle, Sunderland, Leicester, and London.

The discount retailer Wilko, shut all 400 of its stores in October 2023 but has since started reopening under new ownership, with plans for 300 more locations this year.

The Body Shop has gone into administration, and multiple stores have closed, including locations in London (Surrey Quays, Bond Street, Canary Wharf, Cheapside), Bristol, Warwickshire, and Kent.