January 23, 2019

Poundworld set to enter administration - four Bradford stores at risk

08 June 2018, 11:08 | Joann Bryant

GETTYPoundworld is poised to announce its intention to appoint administrators


But this restructuring was put on hold by TPG, a U.S. private equity firm, after it received expressions of interest in the company.

Thousands of retail jobs are on the line as the owner of Poundworld prepares to appoint administrators if it can not secure a last-ditch sale.

Discount retailer Poundworld is set to launch proceedings to appoint administrators, according to the Press Association.

Poundworld's founder, Chris Edwards, is understood to be putting together a rescue plan to buy back part of the chain.

Flacks, a United States firm which was linked to a bid at the weekend, is not regarded as a serious bidder for the UK-based bargains chain.

The budget retailer, which employs around 5,300 people and has stores in west Cumbria, is low on cash and is filing the notice because it will give the business protection from its creditors for two weeks.

Poundworld had previously rejected offers to sell through a pre-pack but all options are now being considered.

The administration will be handled by Poundworld's advisers Deloitte.

But if no deal is reached, the chain could also collapse completely, joining a list of this year's retail casualties which already includes Toys R Us and Maplin.

Department store chain House of Fraser is close to unveiling a restructuring, which could come as early as Wednesday.

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

Poundworld losses in 2016/17 were £17.1m.

The series of corporate crises on the high street have led the Government to establish a new industry council, jointly chaired by the former Co-op Group chief executive Richard Pennycook, to devise ways of easing retailers' pain.

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