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profishingrods.com October 22, 2018


Based Poundworld crashes into administration more than 5,000 jobs at risk

11 June 2018, 08:29 | Joann Bryant

GETTYPoundland is set to enter administration

Poundworld collapse

Buyout talks have failed, leaving the discount chain no choice but to hand over to administrators - putting 5,100 jobs at risk.

The budget retailer was in talks with private equity firm R Capital over the weekend, but is now calling in administrators at Deloitte after talks broke down.

It is understood that Poundworld's owner, TPG Capital, rejected previous offers to buy the business out of a pre-pack administration.

It is the latest blow for Britain's struggling high street, which has seen a string of retailers and restaurants shrink or collapse altogether in the face of rising costs and a squeeze on consumer spending.

Clare Boardman, joint administrator of Poundworld, said that the chain had been affected by the "challenging" retail environment.

There remains some optimism that a proportion of the chain's 5,300 staff will avoid losing their jobs if buyers can be found for parts of Poundworld's business during the administration process.

The company will continue to trade at The Hardshaw Centre and St Helens Retail Park and Bargain Buys on King Street while a buyer for all or part of the business is found.




'Unfortunately, this has not been possible.

Several retailers have shown significant financial distress this year, with both Maplin and Toys R Us disappearing from the high street.

A TPG spokesperson said it was a "difficult decision for every party involved".

The news comes hot on the heels of House of Fraser revealing it was to close more than half of its United Kingdom stores in a bid to make it viable.

"Despite investing resources to strengthen the business, the decline in United Kingdom retail and changing consumer behaviour affected Poundworld significantly".

Last week, House of Fraser also announced the closure of half its stores (including its flagship outlet in Oxford St., London), in a desperate effort to stay afloat.

"Despite investing resources to strengthen the business, the decline in United Kingdom retail and changing consumer behaviour affected Poundworld significantly".



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