Sunday, 21 October, 2018

Poundworld to appoint administrators, putting 5300 jobs at risk

Poundworld stores face closure Poundworld stores face closure
Priscilla Morrison | 11 June, 2018, 16:09

The future of discount retailer Poundworld has been cast into doubt following Alteri Investors withdrawal from their buyout.

Poundworld is set to announce its intention to appoint administrators, putting around 5,300 jobs at risk.

Sky News, which revealed Alteri's move, said USA firm Flacks, which expressed interest in Poundland, was no longer considered a contender.

Poundworld, which employs about 5,300 people, is among many stores on the High Street which have been struggling.

Other bidders are queuing up however with founder Chris Edwards rumoured to be considering re-acquiring the 355-store chain.

A potential buyer for troubled discount retailer Poundworld is understood to have walked away from talks, with the company potentially set to appoint administrators if a deal can not be completed. Poundworld losses in 2016/17 were £17.1m.

More news: White House takes up fight against 'back-stabbing' Justin Trudeau

Several retailers have shown significant financial distress this year, with both Maplin and Toys R Us disappearing from the high street. Read about the House of Fraser and its Carlisle store here.

Failure to successfully conclude a deal would probably lead to HoF plunging into administration, although the company insists its plans are "on track".

Poundworld, which has stores in Forster Square, Darley Street, Ivegate and Woodhall Retail Park, employs around 5,300 people in the United Kingdom, is low on cash and is filing the notice because it will give the business protection from its creditors for two weeks.

Poundworld has stores in Canterbury, Chatham, Dartford and Strood.

Poundworld opened its Richmond Centre shop in the summer of 2013 creating over 30 jobs in the process.

Alteri, Poundworld and TPG all declined to comment on Wednesday.

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