Saturday, 17 November, 2018

Poundworld on brink amid talks with former Little Chef owner

Poundworld is low on cash and is seeking a buyer Poundworld is low on cash and is seeking a buyer
Jean Garcia | 08 June, 2018, 23:06

Poundworld, which has stores in Forster Square, Darley Street, Ivegate and Woodhall Retail Park, employs around 5,300 people in the United Kingdom, is low on cash and is filing the notice because it will give the business protection from its creditors for two weeks.

Deloitte has been preparing contingency plans for an administration in the event of talks collapsing.

Sources told the Press Association that the planned notice will give Poundworld time to structure a pre-pack administration deal with private equity firm R Capital, former owner of Little Chef.

Poundworld is set to announce its intention to appoint administrators, putting around 5,300 jobs at risk.

Sky News has learnt that Alteri Investors, which specialises in backing troubled chains, pulled out of negotiations with Poundworld's owners and advisers within the last 24 hours.

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.

US President Trump pulls invite to Super Bowl champions Philadelphia Eagles
Finally, on Monday, the first lady returned to the spotlight, attending a Gold Star family event that was closed to the press. Melania has only been seen in public, briefly, a handful of times in six weeks.

The stores suffered a major rise in multi-million pound losses past year - rising from £5.4m to £17.1m in 2016/17.

He sold out to TPG for £150m, and later took over at rival Poundstretcher.

Department store chain House of Fraser is close to unveiling a restructuring, which could come as early as Wednesday.

Poundworld, which also trades under the name Bargain Buys, has two million customers a week.

Retailers Maplins, Toys "R" Us, Mothercare, Carpetright, plus a string of restaurant chains, have hit the headlines this year because of trading trouble.

Current owner TPG put Poundworld up for sale last month.

Recommended

  • Trump Will Leave G-7 Early and Avoid Meeting Allies

    President Donald Trump on Friday said Russian Federation should be readmitted to the G-7 group of leading industrial nations. Trump was expected to meet with his French counterpart when he arrived at the Group of Seven summit in Quebec.

    "Didn't Canada Burn Down White House?" Donald Trump To Justin Trudeau

    Invoking his former rival Hillary Clinton, Trump touted how tough he is on Putin: "I have been Russia's worst nightmare". Mr Trudeau has described the USA claim that the tariff decision was taken on national security grounds as "insulting".
    Canada's trade deficit narrows as exports hit record $48.6B

    Canada's trade deficit narrows as exports hit record $48.6B

    On June 1, the USA imposed tariffs on some Canadian steel and aluminum products of 25 per cent and 10 per cent, respectively. China's trade performance has got off to a strong start this year, supported by sustained demand at home and overseas .
  • Scientists find 540-million-year-old animal footprints

    The tracks are actually older than any fossil of a creature with legs, so scientists are puzzled by what created the footprints. The tracks seem to have been found in the mountainous Yangtze Gorges , in southern China .
    Divers search South Florida pond after reported gator attack

    Divers search South Florida pond after reported gator attack

    A dog-walker in the USA state of Florida has gone missing, and she was attacked by an alligator, a witness told police. Trappers from the Florida Fish and Wildlife Conservation Commission are at the scene, looking for the alligator.

    "I'm Done With Professional Wrestling" — CM Punk

    But the fight of his career? He made his fighting debut on the biggest stage in the sport, the UFC , but it was disastrous. I said a bunch of stuff about wrestling, about how I'd never gotten a true offer [to return to wrestling].
  • USA  chef and TV host Anthony Bourdain dead at 61

    USA chef and TV host Anthony Bourdain dead at 61

    He graduated from the renowned school Culinary Institute of America in 1978 and began running kitchens in his early adult years. Bourdain was born in New York City but grew up in Leonia and graduated from Dwight-Englewood School in Englewood in 1973.
    Hurricanes are traveling more slowly - which makes them even more risky

    Hurricanes are traveling more slowly - which makes them even more risky

    Kossin of the NOAA's Center for Weather and Climate in Madison, Wisconsin . The trend has all the signs of human-caused climate change , Kossin said.
    Argentina's Manuel Lanzini to miss World Cup with knee injury

    Argentina's Manuel Lanzini to miss World Cup with knee injury

    Argentina have been drawn in Group D where they play Iceland on June 16, Croatia on June 21 and Nigeria on June 26. Lanzini has earned four caps to date and scored his first senior global goal in a 2-0 friendly victory over Italy.
  • Empire's Ant-Man and the Wasp Subscriber Cover Revealed

    Empire's Ant-Man and the Wasp Subscriber Cover Revealed

    Fans can see all these characters in action when Ant-Man Et La Guepe blasts through the quantum realm and into theaters this July. Ant-Man and the Wasp is said to be centered around Scott Lang balancing home-life and hero-life as he is approached by Dr.
    Venezuela is said to urge OPEC to unite against sanctions

    Venezuela is said to urge OPEC to unite against sanctions

    Further weighing on prices has been surging US output, which hit another record last week at 10.8 million bpd. Despite Friday's decline, Brent remains more than 15 percent above its level at the start of the year.
    Jennifer Lawrence Is Reportedly Dating A High End Art Dealer!

    Jennifer Lawrence Is Reportedly Dating A High End Art Dealer!

    Lawrence also looked like she wasn't wearing any makeup. "I'm friends with all my exes, actually". A little more than a month ago her suspected romance with 59-year-old Director David O Russell.

Lady Gaga, Bradley Cooper sing together in A Star is Born Lady Gaga, Bradley Cooper sing together in A Star is Born Now, Gaga's changed up her look once more for her new role in " A Star Is Born " and she looks completely unrecognisable. Gaga has had a rough year as he had to cut her last tour short due to exasperated health issues.

Ontario election results: populist Doug Ford to become premier Ontario election results: populist Doug Ford to become premier Elections Ontario says it "transformed the voting experience" for electors across the province during the 42nd general election. Meanwhile, Liberals from the party's more pro-business wing - like Steven Del Duca - were defeated last night.

Stephens has 'something juicy' to tell semi-final foe Keys Stephens has 'something juicy' to tell semi-final foe Keys Twice the runner-up in Paris , Halep has qualified for the final by defeating 2016 champion Garbine Muguruza 6-1, 6-4. Halep, who lost in last year's final, broke the 16th-seeded Belgian's serve six times on Court Philippe Chatrier.

Team Sky wins Criterium du Dauphine team time trial | AP sports Team Sky wins Criterium du Dauphine team time trial | AP sports It was Ackermann's second professional victory after he claimed a stage win at the Tour of Romandie earlier this season. We rode a flawless stage, technically and tactically, on the entire course".

Pennsylvania eighth graders issued bulletproof backpack plates as graduation gift Pennsylvania eighth graders issued bulletproof backpack plates as graduation gift The SafeShields are now on sale via the Unequal website for $149.95, although schools can get a discounted rate for $99. Cornelius in Chadds Ford got the plates as gifts during their graduation ceremony on Monday, The Hill reports .

Kaepernick expected to subpoena Trump in collusion case Kaepernick expected to subpoena Trump in collusion case Reid, 26, appeared in 13 games for San Francisco last season but is now unsigned and has also filed a grievance against the NFL.

Muguruza crushes Sharapova to storm into semis Muguruza crushes Sharapova to storm into semis Rafael Nadal is trailing by a set and is down a break at 3-2 in the second against Diego Schwartzman at Court Philippe Chatrier. Sharapova missed 15 months during that span after being suspended by the WTA when she tested positive for Meldonium in 2016.

New NASA chief vows US will always have astronauts in orbit New NASA chief vows US will always have astronauts in orbit Although the media seems infatuated with private companies like Musk's SpaceX , Americans remain traditionally confident in NASA . Sending astronauts to Mars: 18% top priority, 45% important but lower priority, 37% not too important or should not be done.

Former Senate Intel aide indicted in DOJ leak case Former Senate Intel aide indicted in DOJ leak case The prosecution follows intense pressure from President Trump for the Justice Department to crack down on leaks to the media. Wolfe, a Maryland resident, was expected to make his first court appearance on Friday in the U.S.

CDC report reveals more than 45,000 Americans took their own lives in 2016 Those two states also experienced the second and third biggest increases, more than 48 percent, in the period studied by the CDC. While the study did not look at the potential reasons why that might be, Schuchat offered a possible explanation.

Trump Considering Muhammad Ali Pardon Even Though He Doesn't Need One Trump Considering Muhammad Ali Pardon Even Though He Doesn't Need One He said he had been in contact with the widow after Trump's comments and they chose to issue a statement on behalf of the family. Earlier this week, Mr Trump commuted the life sentence of a woman whose cause was championed by celebrity Kim Kardashian West.

Trump says that Russian Federation should be reinstated as a G8 member Trump says that Russian Federation  should be reinstated as a G8 member German Chancellor Angela Merkelsaid they were "illegal", while Trudeau said they were "insulting and totally unacceptable". Trudeau and Macron expressed strong support for those institutions Thursday.

Dominic Thiem reaches French Open final with win over Marco Cecchinato The battle wore on and on, before, on the Austrian's fifth set point, Cecchinato went long to fall two sets behind. A fourth set point for Thiem was erased with - what else? - a drop shot by Cecchinato.

FCA to launch investigation into TSB's IT failures FCA to launch investigation into TSB's IT failures Referring to the FCA's comments, chair Nicky Morgan said that TSB had "unfortunately earned the epithet "Truly Shambolic Bank". Bailey also raised concerns that the failures "could reduce trust in TSB and in the banking sector as a whole".

‘Days Gone’ Hits PS4 in February The recent flurry of trailers shows that's not the case though, and now it has a proper release date too: February 22. The new Sony Playstation 4 and Playstation 4 Pro are unveiled at the Playstation Theater on September 7, 2016 in NY .