Poundworld collapse leaves 5,100 jobs at risk

11 June, 2018, 15:23 | Author: Regina Silva

Poundworld today became the latest retail casualty on the British high street as it called in administrators, putting 5,100 jobs at risk.

Talks broke down over the weekend as Poundworld tried to broker a rescue deal with private equity firm R Capital.

Administrators Deloitte say the retailer will continue to trade while a buyer for all or part of the business is sought.

Deloitte is expected to be appointed to oversee the administration.

Poundworld, which has a chain of 335 shops, filed a notice of intention to appoint an administrator last Thursday, giving it temporary protection from its creditors. No redundancies or store closures being announced at this time.

Restaurant groups including Carluccio's, Prezzo and Byron have also been shutting dozens of branches as they are squeezed by rising costs and a fall in consumer spending.

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"Unfortunately, this has not been possible".

In a statement confirming administration, Deloitte said the chain had suffered from high-cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market.

Poundworld has around 350 stores across the United Kingdom, including branches at Bloxwich, the intu Merry Hill shopping centre in Brierley Hill, Hednesford, Lichfield, on the Reedswood Retail Park in Walsall, in Stafford and West Bromwich and two in Wolverhampton.

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

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

House of Fraser is seeking landlord approval for the restructuring plan, which is a form of insolvency known as a Company Voluntary Agreement (CVA).

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