Britain's Poundworld goes into administration, putting 5,100 jobs at risk

Britain's Poundworld goes into administration, putting 5,100 jobs at risk

Britain's Poundworld goes into administration, putting 5,100 jobs at risk

Deloitte, which had been coordinating efforts to find a solvent deal, will oversee the administration process for the business, which is based in Normanton, West Yorkshire.

A spokesman for the firm said: "Poundworld will continue to trade while a buyer for all or part of the business is sought".

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".

Talks with a potential buyer R Capital have collapsed meaning that the owner TPG felt it had no option but to put the company into administration.

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'Unfortunately, this has not been possible.

Deloitte said Poundworld had suffered from high product cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market.

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

"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", said joint administrator for Poundworld Clare Boardman.

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

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 news comes hot on the heels of House of Fraser revealing it was to close more than half of its United Kingdom stores in a bid to make it viable.

A raft of CVAs have been struck in recent months as retailers struggle amid surging costs, rising business rates, competition from online rivals and a slowdown in consumer spending. There are no redundancies or store closures at this time.

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

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