Nearly 200 Poundworld jobs under threat at Northern Ireland's 12 outlets

Daniel Fowler
June 11, 2018

Founded in 1974, Poundworld was sold to United States equity group TPG Capital for £150m in 2015.

Poundworld is expected to crash into administration this morning after last-ditch sales talks broke down, putting 5,100 jobs at risk, the Press Association understands.

Deloitte's joint administrator, Clare Boardman, said: "The retail trading environment in the United Kingdom remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business".

Poundworld, which is owned by TPG Capital, serves two million customers a week across its 355 stores and also trades under the Bargain Buys name.

But a deal could not be struck.

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.

Losses reportedly jumped to £17.1million in 2016 to 2017, from £5.4m the year before.

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"Unfortunately, this has not been possible".

Poundworld, which has its headquarters in West Yorkshire, was formed in 2004, but it says it can trace its origins "back to 1974 and a market stall in Wakefield, West Yorkshire".

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.

House of Fraser (HoF) confirmed plans last week to axe 6,000 jobs and close just over half its 59 stores.

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

Deloitte said there are no redundancies or store closures now and has been working alongside the company in a bid to keep it afloat.

Other retailers undertaking CVAs in a bid to keep trading include New Look, Mothercare and Carpetright.

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