St Albans and Hatfield discount store Poundworld goes into administration

House of Fraser

Nearly 200 jobs at 12 Poundworld stores here are at risk after the budget retailer called in administrators today.

Poundworld, which is owned by TPG Capital, has around 350 stores, including one on Tavern Street in Ipswich as well as stores in Chelmsford and Kings Lynn.

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.

The budget store chain, which has outlets in Norwich, King's Lynn, Wisbech and Ipswich, was in talks with private equity firm R Capital over the weekend, but has called in administrators Deloitte after talks broke down.

Administrators Deloitte say the retailer will continue to trade while a buyer for all or part of the business is sought.

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There are no redundancies or store closures at this time, it said.

'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. "We thank all employees for their support at this hard time".

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".

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But its losses widened to £17.1 million for the financial year ending March 31, 2017 versus a £5.4 million deficit from the previous 12 month period.

Other retailers undertaking CVAs in a bid to keep trading include New Look, Mothercare and Carpetright.

Other retailers are expected to pick off parts of its 355-strong estate, while a slimmed-down Poundworld operation may also be viable.

Restaurant groups including Carluccio's, Prezzo and Byron have also been shutting dozens of branches as they are squeezed by rising costs and a fall in consumer spending.

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