Poundworld teeters on the brink of going into administration
Poundworld teeters on the brink of going into administration
Poundworld- Image Google Street View
11 June, 2018, 17:16
A potential buyer for troubled discount retailer Poundworld is understood to have walked away from talks, with the company potentially set to appoint administrators if a deal can not be completed.
Management has so far failed to sell the retailer as a solvent business, after turnaround specialists Alteri Investors walked away from sales talks this week.
Deloitte has confirmed that a sale via a pre-pack administration could be an option for the company, but this approach would put at risk the jobs of all 5,500 staff members now working for Poundworld and is now the least favoured option when it comes to the future of the chain.
Other bidders are queuing up however with founder Chris Edwards rumoured to be considering re-acquiring the 355-store chain.
POUNDWORLD, the Yorkshire-based discount group, is facing a race against time to avoid collapse, with administrators on standby after a white knight buyer walked away from talks to rescue the business.
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Losses for the financial year 2016-17 were £17.1million, up from £5.4million the year before.
And only last month Marks & Spencer said it was accelerating its store closures plans - leaving more empty units on High Streets across the country.
Poundworld opened its Richmond Centre shop in the summer of 2013 creating over 30 jobs in the process.
The retailer was hit with a £5.7 million charge for onerous leases, a provision retailers make when the cost of a lease is no longer covered by the income of the store.
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