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Poundworld founder says bid to save the firm has been rejected

Poundworld founder Chris Edwards has said his bid to save the struggling retailer has been rejected by the administrators.

GENERAL MERCHANDISE

Poundworld founder says bid to save the firm has been rejected

In the proposed deal Edwards had pledged to save 3,000 jobs and 186 stores.

Commenting on the outcome of the negotiations, Edwards said: “I’ve made a substantial and credible offer, which is the best offer we can put forward, but in my opinion, it hasn’t been given the respect it deserves. 

“Although it was close to what the administrator wants, we’ve now had written confirmation that it’s not high enough, which I’m shocked and surprised at, considering we were going to save 3,000 jobs.

“You have to consider the moral argument in this and the fact that people’s livelihoods are on the line and clearly to some people it appears that doesn’t matter. Instead it seems that selling off all the stock and closing the stores is a better option.”

Edwards said he now believes the business will close.

Having started Poundworld from a Wakefield market stall in 1974, Edwards built it into a high street brand with more than 300 stores. The business was acquired by US private equity firm TPG in 2015 but last month the company called in the administrators.

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