Poundworld on brink amid talks with former Little Chef owner
Poundworld on brink amid talks with former Little Chef owner
GOING GOING... Poundworld could soon be a thing of the past
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.
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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.
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Poundworld, which also trades under the name Bargain Buys, has two million customers a week.
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