Poundworld enters administration
The retailer operates 335 stores across the UK.
Administrators from Deloitte have been appointed after talks with potential buyer R Capital failed.
Clare Boardman, joint administrator at Deloitte, said: “The retail environment in the UK remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business.
“We still believe a buyer can be found for the business, or at least part of it, and we are keeping staff appraised of developments as they happen.”
The news comes as Poundworld founder Chris Edwards says he is considering buying back some of Poundworld’s stores. Having founded the business in 1974, Edwards sold it to TPG Capital in 2015.
Edwards said getting Poundworld back on track would be difficult and that he is looking for outside investors. He told Radio 5 Live: “I will know in two weeks if I can save the business. And if no buyer is found by then, the firm will go to the wall.”
Email this article to a friend
You need to be logged in to use this feature.
Please log in here