Tuesday, 25 September, 2018

Poundworld on brink amid talks with former Little Chef owner

Poundworld store GETTY GOING GOING... Poundworld could soon be a thing of the past
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.

"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].

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.

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