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Stevenage Bargain Buys threatened as Poundworld enters administration
11 June 2018, 08:28 | Kelvin Horton
Poundworld in Dartford faces an uncertain future
More than 5,000 high street jobs will be thrown into fresh doubt on Monday when Poundworld crashes into administration following the failure of last-ditch rescue talks.
Two potential rescue buyouts have already fallen through, with private equity firms Rcapital and Alteri Partners both walking away after talks with current owners TPG Capital. Losses reportedly jumped to £17.1million in 2016 to 2017, from £5.4m the year before.
In a statement confirming administration, Deloitte said the chain had suffered from high-cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market.
Clare Boardman, joint administrator of Poundworld, said that the chain had been affected by the "challenging" retail environment.
Administrators Deloitte have stressed that the stores will continue to operate as normal for the moment, with no redundancies.
Deloitte added that they believe a buyer could still be found for the business, or at least part of it.
There have also been casualties among independent businesses, including Hitchin town centre's Hawkins and Kenmore Interiors department stores. "We thank all employees for their support at this hard time".
Poundworld's possible collapse comes after both Toys R Us and Maplin both fell into administration earlier this year.
A TPG spokesman said: "This was a hard decision for every party involved".
"Despite investing resources to strengthen the business, the decline in United Kingdom retail and changing consumer behaviour affected Poundworld significantly".
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.
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