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11 June 2018, 08:29 | Joann Bryant
GETTYPoundland is set to enter administration
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.
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