• News
  • Money

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

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

With others sharing sympathy for the staff.

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

Toys R Us has already gone into liquidation this year while electronics retailer Maplin is still in administration.

Clare Boardman, joint administrator, 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". Unfortunately, this has not been possible'.

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

A TPG spokesman said: "This was a hard decision for every party involved". We invested in Poundworld because of our belief in how the company serves its customers and the strength of its employees'.

Clare Boardman, joint administrator, comments: "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".

It is understood that Poundworld's owner, TPG Capital, rejected previous offers to buy the business out of a pre-pack administration.

Other parties named as possible buyers were turnaround specialist Alteri Investors and Poundworld's founder Chris Edwards.

The high street has also been rocked by a succession of retailers and restaurant chains unveiling plans to shut down stores to reflect tougher trading conditions.

The company, which has 335 shops and sells everything from flip-flops to deodorant and baked beans, racked up losses of £17.1million past year.

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

Mothercare, Carpetright, New Look, Prezzo and Jamie's Italian, have all recently announced plans to close hundreds of outlets, putting more than 35,000 jobs at risk.

Leave Your Comment

Leave Your Comment


Latest News

  • Dontnod Announces Free Title The Awesome Adventures of Captain Spirit

    Dontnod Announces Free Title The Awesome Adventures of Captain Spirit

    The Awesome Adventures of Captain Spirit is not Life is unusual 2, but is the first step towards the highly anticipated sequel. According to Dontnod, the game helped it realize the scope of the Life is unusual universe and its relatable characters.
    Musk Madness: People Are Already Wreaking Havoc With Elon’s Flamethrowers

    Musk Madness: People Are Already Wreaking Havoc With Elon’s Flamethrowers

    Billionaire space exploration hobbyist and business magnate Elon Musk held the hottest party in Los Angeles over the weekend. The most eager customers can forgo the bidding process and pay the eBay "buy it now price", which is as high as $20,000.
    Kylie Jenner Explains Why She Deleted Stormi Photos From Social Media

    Kylie Jenner Explains Why She Deleted Stormi Photos From Social Media

    And the reality TV star hit back when social media users questioned why she had cropped Travis Scott's daughter out of the image. The picture quickly became the most liked Insta photo, so we're not surprised she made a decision to keep that one tbh.
  • Spain offers to take in migrant ship marooned by Italian politics

    Spain offers to take in migrant ship marooned by Italian politics

    Italy has denied permission for a rescue ship to drop off 629 migrants after Malta refused to open its ports. The standoff marked the first display of Italy's get-tough immigration policy under the right-wing League.
    Missing Air Force Officer Found 35 Years Later In California

    Missing Air Force Officer Found 35 Years Later In California

    But still, she said , the case remains under investigation. "Until we have the whole story, we don't have the story". But, after completing a tour of duty in the Netherlands and spending two weeks on holiday in Europe, Capt.
    Gears of War is heading to smartphones next year

    Gears of War is heading to smartphones next year

    Gears Tactics takes place 12 years before the events of the first game, with COGS facing off against the early Locust invasion. Gears Tactics , a PC exclusive without a release date, brings XCOM-like tactical, isometric gameplay to the Gears universe.
  • North Korea talks moving 'more quickly than expected'

    North Korea talks moving 'more quickly than expected'

    Kim is expected to stay at the St Regis hotel and Trump at the Shangri-La, both in the Tanglin area in downtown Singapore . North Korea has said it is willing to commit to denuclearisation, but that term is open to interpretation.
    Prince George, Cousin Savannah Phillips Outshine Royals At Queen's Birthday Parade

    Prince George, Cousin Savannah Phillips Outshine Royals At Queen's Birthday Parade

    Savannah , George and Charlotte are clearly firm friends, so we'll expect to see more cute cousin moments from them in the future. The incident brought back memories of the 2016 Trooping the Colour when William, 36, was scolded by Queen Elizabeth to stand up.
    Supreme Court gives OK to states to clean voting rolls

    Supreme Court gives OK to states to clean voting rolls

    Rather, it "removes registrants only when they have failed to vote and have failed to respond to a change-of-residence notice". The SCOTUS ruling wasn't limited to the Buckeye State, as a handful of other states follow the voter purge act as well.
  • E3 2018: Square Enix reveals The Quiet Man

    Just Cause 4 was the same - a competent trailer, but one that fans had basically seen during the Xbox showcase. But again, Square Enix chose to show a slightly modified trailer from the Xbox press conference.
    Your internet use could change as ‘net neutrality’ ends

    Your internet use could change as ‘net neutrality’ ends

    The fees would be paid by the video services, such as Hulu , and could be passed along to consumers in higher subscription rates. What exactly is net neutrality? At the FCC, Pai said the agency is "keeping all options on the table".
    Trump takes more swipes at Canada and Trudeau after tense G7 summit

    Trump takes more swipes at Canada and Trudeau after tense G7 summit

    Before Trump even jetted to the conference on Friday morning, he floated the possibility of Russian Federation rejoining the G7. Trump slammed Trudeau for "making false statements " and accused him of being "meek and mild" in their one-on-one meeting.
  • Kim Jong Un Surprises Crowds in Singapore With Late-Night Tour

    Kim Jong Un Surprises Crowds in Singapore With Late-Night Tour

    On Tuesday, June 12, the first-ever meeting of sitting leaders of the United States and North Korea will take place in Singapore . The White House said the daylong summit would also include a working lunch and a larger meeting involving aides to both leaders.
    New Platinum game Babylon’s Fall revealed in Square Enix E3 Showcase 2018

    New Platinum game Babylon’s Fall revealed in Square Enix E3 Showcase 2018

    Perhaps we'll see this game at Sony's showcase tonight, or maybe not even until after Shadow of the Tomb Raider is out. You can tune in to the Square Enix showcase live at 10:00 AM PT / 1:00 PM ET via the embedded video below.
    Don’t blame Asia Argento for Anthony Bourdain’s death says Rose McGowan

    Don’t blame Asia Argento for Anthony Bourdain’s death says Rose McGowan

    Bourdain and Busia, his second wife, married in 2007 after dating only for a few weeks, and Ariane was born later that year. Navarro previously opened about his mother's murder at the hands of an estranged boyfriend when he was just 15 years old.
  • Indian scientists discover planet 600 light years away from Earth

    Indian scientists discover planet 600 light years away from Earth

    And thus, the 1.2m telescope, PARAS , was put to use from the Gurushikhar Observatory in Mount Abu, Rajasthan. Otherwise, the planets are probably inhospitable: they are very close to their star and therefore very warm.
    Pompeo downplays feud between U.S.  and G7 allies

    Pompeo downplays feud between U.S. and G7 allies

    However, Collins' tweet was met with a chorus of angry replies that mainly implored her to confront Trump about the issue. I'm very pleased we came together on an ambitious joint communiqué at the end of this Charlevoix summit".
    BioWare's Anthem will release in February 2019

    BioWare's Anthem will release in February 2019

    The game can be played alone if you like, but looks like it is clearly designed with two players in mind. Today, at EA Play 2018, the company released new details regarding Anthem , Bioware's upcoming title.

Breaking News



Recommended

FCC leader promises better Internet as net neutrality rules expire

Those Obama-era rules prevented ISPs from blocking or slowing legal traffic, or from being paid for prioritized, faster delivery. Another misleading ISP claim is that they want to get rid of Title II, and not net neutrality rules in general.

Britain says hopes US will honour G7 commitments on trade

We stick to it. "[Trudeau] really kind of stabbed us in the back", Kudlow said. "You know, it's like the gig is up ". With arms crossed, eyes squared, Trump certainly seemed irresolute about the trade measures.

Bitcoin hits two-month low after South Korean exchange hacked

On Monday morning, cryptocurrency prices slumped following the news reports that Coinrail lost more than 40 billion in altcoins. South Korea has emerged as a hotbed for trading in virtual currencies over the a year ago .

Rafael Nadal claims record-extending 11th French Open crown

I am happy that other people have things, and I am very satisfied, and I feel very lucky with all the things that happened it me. At 32, Nadal is not yet in decline, but there was a sense over the last few seasons that his star was just starting to fade.

US President Trump arrives in Singapore for historic Trump-Kim summit

The article also stresses the need for confidentiality - meaning Trump will have to resist tweeting the minutes of the meeting. Trump said last Thursday during a news conference after Prime Minister Shinzo Abe of Japan visited the White House.

MACRON’S MUTINY: French President TURNS on TRUMP Ahead of G7 Summit

The White House is escalating its verbal attacks against Justin Trudeau, the prime minister of close American ally Canada. A few hours earlier, Trudeau had told reporters that all seven leaders had come together to sign the joint declaration.

Assassin’s Creed Odyssey screenshots leak

This latest trailer comes nearly exactly a year after the game was first announced by Ubisoft during last year's E3 presentation. Like the past several games in the series, you'll control boats and horses on your journey of assassination and discovery.

Melania trump admired appearance at a gala evening at Ford’s theater

The first lady made her first event appearance since surgery to honor gold star families at the White House last week. This isn't the first time the first lady has likely used fashion as a way of speaking without saying a word.

'Fox & Friends' Host Calls North Korea Summit A Meeting Of 'Two Dictators'

According to CNN , Trump landed in Singapore Sunday morning, ahead of his Tuesday meeting with the North Korean leader. President Donald Trump arrives aboard Air Force One at Paya Lebar Air Base June 10, 2018 in Singapore.

DOOM Eternal Announced; More To Come At QuakeCon

And, instead of taking place on Mars, the developers and the imagery hinted at hell on Earth. And fans will be getting their new sequel in the form of Doom Eternal .