Friday, 21 September, 2018

Jobs at risk at Poundworld and Bargain Buys as administrators are appointed

House of Fraser GETTYHouse of Fraser is closing 31 of its 59 stores affecting 6,000 jobs
Orlando Vargas | 11 June, 2018, 20:29

British discount retailer Poundworld has gone into administration, putting 5,100 jobs at risk and becoming the latest victim of brutal trading conditions in the United Kingdom retail sector.

Talks broke down over the weekend as Poundworld tried to broker a rescue deal with private equity firm R Capital.

Other parties named as possible buyers for the business, which is owned by TPG Capital, were turnaround specialist Alteri Investors and Poundworld's founder Chris Edwards, but a deal couldn't be struck.

The stores suffered a major rise in multi-million pound losses past year - rising from £5.4m to £17.1m in 2016/17.

She said the business was hit by falling footfall, alongside rising costs and weak consumer confidence.

"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", said joint administrator for Poundworld Clare Boardman.

"Unfortunately, this has not been possible".

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Poundworld has been losing money for the past two years.

Several retailers have shown significant financial distress this year, with both Maplin and Toys R Us disappearing from the high street.

Carpetright (Other OTC: CGHXF - news), Marks & Spencer (Frankfurt: 534418 - news), Mothercare (Other OTC: MHCRF - news) and New Look are among the other retailers which have announced store closure plans this year, with thousands of jobs disappearing as a effect.

Deloitte added that they believe a buyer could still be found for the business, or at least part of it.

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

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.

"We invested in Poundworld because of our belief in how the company serves its customers and the strength of its employees".

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