Monday, 15 October, 2018

Poundworld expected to go into administration in next few hours

House of Fraser GETTYHouse of Fraser is closing 31 of its 59 stores affecting 6,000 jobs
Jean Garcia | 11 June, 2018, 15:24

Other retailers are expected to pick off parts of its 355-strong store estate, while a slimmed-down Poundworld operation may also be viable.

The appointment of Deloitte as administrators leaves the future of five stores in the county hanging in the balance.

After buyout firm Alteri Investors walked away from a rescue deal, Poundworld's owner TPG Capital last week said it was in talks with other potential buyers.

On Friday, the retailer filed its intention to appoint its intention to appoint administrators, giving it 10 working days to find a rescue deal.

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

Poundworld's possible collapse comes after both Toys R Us and Maplin both fell into administration earlier this year.

Deloitte said Poundworld would trade as usual while it seeks a buyer for all or part of the business, adding that no redundancies or store closures are yet planned.

E3 2018: Watch the Halo Infinite reveal from Microsoft's event
Ubisoft revealed that Division 2 would arrive on PS4, Xbox One and PC, but it was Microsoft that got to show it off properly. We'll keep you updated on any new information on Halo Infinite as it comes during this week's Electronic Entertainment Expo.

"Unfortunately, this has not been possible".

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.

"Despite investing resources to strengthen the business, the decline in United Kingdom retail and challenging behaviour affected Poundworld significantly".

A spokesman for TPG said putting the business into administration was a "difficult decision".

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

Poundworld has been losing money for the past two years.

Restaurant businesses have also been seeking to cut their costs with store closure programmes, with Carluccio's, Byron and Prezzo all pushing through CVAs this year.

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