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UK's Poundworld to appoint administrators
08 June 2018, 11:08 | Kelvin Horton
FIGHT FOR SURVIVAL Poundworld is hoping to find a saviour in the next 10 days
Poundworld, which has stores in Forster Square, Darley Street, Ivegate and Woodhall Retail Park, employs around 5,300 people in the United Kingdom, is low on cash and is filing the notice because it will give the business protection from its creditors for two weeks.
According to reports, Deloitte, which has been responsible for handling the sale of the chain, has also been putting together plans for an administration in case TPG fails to find the right buyer in the near future.
It is reported it will appoint Deloitte as administrators.
Alteri Investors, whose website says it specialises in "challenging retail situations", was in advanced talks with Poundworld's owner TPG.
Today's announcement comes as Britain's high street faces a crisis amid an onslaught from online rivals - and came on the same day that House of Fraser announced 6,000 of its employees are at risk of losing their jobs as it plans to close more than half of its stores in a bid to save the company.
Poundworld's losses widened in 2016-17 to £17.1 million, from £5.4 million of losses the year before.
Poundworld was acquired by TPG Capital for £150m in 2015 but it has struggled in the wake of the Brexit blow to sterling that pushed up the cost of imported goods.
Restaurant chains including Byron, Carluccios and Prezzo - which is also owned by TPG - have also sought approval from creditors to shut scores of outlets amid similarly tough conditions in the United Kingdom casual dining sector.
Retailers Maplins, Toys "R" Us, Mothercare, Carpetright, plus a string of restaurant chains, have hit the headlines this year because of trading trouble.
TPG opted to put Poundworld up for sale last month rather than funding it through a restructuring programme that will involve the loss of about 1,500 jobs.
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