Poundworld to appoint administrators, putting 5300 jobs at risk
11 June, 2018, 16:11 | Author: Regina Silva
Poundworld's private equity owner TPG has revealed that the firm faces collapse unless a new buyer is found after a potential purchaser backed out of the race to secure the discount chain.
Carpetright (Other OTC: CGHXF - news), Marks & Spencer (Frankfurt: 534418 - news), Mothercare (Other OTC: MHCRF - news) and New Look are among the other retailers which have announced store closure plans this year, with thousands of jobs disappearing as a outcome.
In the event of no sale being reached, it is likely Poundworld could be sold in a pre-pack administration agreement, according to media reports.
Any takeover would nevertheless involve the closure of well over 100 stores and lead to thousands of job losses.
Poundworld's losses widened in 2016-17 to £17.1 million, from £5.4 million of losses the year before.
Alteri Investors, whose website says it specialises in "challenging retail situations", was in advanced talks with Poundworld's owner TPG.
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Now competing with rivals such as Poundland and Poundstretcher, Poundworld was set up in the 1970s by Chris Edwards, who left the company previous year.
Poundworld was acquired by TPG Capital for £150m in 2015 but it has struggled in the wake of the Brexit blow to sterling that pushed up the cost of imported goods.
It also has a Poundworld Plus outlet at the Peel Centre, Dumfries.
While Poundland appeared to have enjoyed a robust festive period, with like-for-like sales up six per cent in the three weeks to Christmas Day, it too has faced challenges.
Retailers Maplins, Toys "R" Us, Mothercare, Carpetright, plus a string of restaurant chains, have hit the headlines this year because of trading trouble.
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Administrators Deloitte say the retailer will continue to trade while a buyer for all or part of the business is sought. Talks broke down over the weekend as Poundworld tried to broker a rescue deal with private equity firm R Capital.
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