Poundworld falls into administration, putting 5,000 jobs at risk

The collapse puts more than 5,000 jobs at risk, making it the biggest retail insolvency so far this year by job numbers.

The budget retailer was in talks with private equity firm R Capital over the weekend, but is now calling in administrators at Deloitte after talks broke down.

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.

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.

Poundworld, which has a chain of 335 shops, filed a notice of intention to appoint an administrator last Thursday, giving it temporary protection from its creditors.

Deloitte's 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".

The chain has a store at the Richmond Centre in Derry.

Donald Trump, Kim Jong Un prepare for Singapore summit
President Trump's first meeting with North Korean leader Kim Jong Un will be held one-on-one, according to a White House official. During his preparation period, Trump continued on Monday to publicly brawl on Twitter with U.S. allies over trade.

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

"Unfortunately, this has not been possible".

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

Poundworld, which also trades under the name Bargain Buys, welcomes two million customers through its doors each week and competes with the likes of Poundland and Poundstretcher.

Retailers including House of Fraser, Maplins, Toys "R" Us, Mothercare, Carpetright plus a string of restaurant chains have hit the headlines this year because of trading trouble.

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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