Poundworld set to appoint administrators, putting jobs in west Cumbria at risk

Poundworld

The future of discount retailer Poundworld has been cast into doubt following Alteri Investors withdrawal from their buyout.

The budget retailer is so low on cash that it might have to call in administrators within days, sources told the Press Association, putting around 5,300 jobs at risk.

A potential buyer for troubled discount retailer Poundworld is understood to have walked away from talks, with the company potentially set to appoint administrators if a deal can not be completed.

The company's management say they are in talks with other potential buyers, and it is thought that Poundworld's founder, Chris Edwards, might take on the business.

Flacks, a United States firm which was linked to a bid at the weekend, is not regarded as a serious bidder for the UK-based bargains chain.

It is now understood to have pulled out of bidding for the company, which has 355 stores in the United Kingdom and employs 5,300 people.

The company's recent travails were sparked when the United States private-equity company TPG Capital put the company up for sale in May.

And only last month Marks & Spencer said it was accelerating its store closures plans - leaving more empty units on High Streets across the country.

Retailers Maplins, Toys "R" Us, Mothercare, Carpetright, plus a string of restaurant chains, have hit the headlines this year because of trading trouble.

A CVA at Poundworld would, if approved by creditors, lead to its store estate being reduced to around 250 shops with 4,000 employees.

It also has a Poundworld Plus outlet at the Peel Centre, Dumfries.

Alteri, Poundworld and TPG all declined to comment on Wednesday.

Related News:

  • Bitcoin slides as South Korean exchange hit by hackers

    Bitcoin slides as South Korean exchange hit by hackers

    Bitcoin is now trading at $6,752 - down from an all-time peak of almost $20,000 in the week before Christmas. The latest attack highlights the lack of security and weak regulation of global cryptocurrency markets.
    India v/s Bangladesh Women's Asia Cup final T20

    India v/s Bangladesh Women's Asia Cup final T20

    It was a brilliant piece of bowling from spinner Ekta Bisht , who scalped three wickets for just 14 runs in four overs she bowled. Congratulations to the India women's team on beating Pakistan women's team by 7 wkts in the #WomensAsiaCup2018 .
    Mario Götze hints at reunion with Jürgen Klopp at Liverpool

    Mario Götze hints at reunion with Jürgen Klopp at Liverpool

    There have been a few developments at Liverpool and their transfer business. He is a world-class coach and that's why it's always an option.
  • Alisson will give no thought to his future during the World Cup

    The Switzerland worldwide has a £12m release clause following their relegation from the Premier League last season. Liverpool target Alisson will not be giving any thought to his future during the World Cup, he has insisted.
    Farrell wants England unity after Boks loss

    Farrell wants England unity after Boks loss

    Still, we only scraped through in the end and we made too many errors, so there is a lot for us to work on. Especially when they win'. "They told me to go find it myself, so I'll have to go find it myself".
    Eminem draws backlash for using 'gunshot' sound effects during show

    Eminem draws backlash for using 'gunshot' sound effects during show

    Eminem is facing criticism from festival-goers after he caused panic by using "realistic" gunshot sound effects during his Bonnaroo festival show.
  • Kate Middleton wore a $69 Zara dress for a surprise family outing

    Little Charlotte adorably practiced her headstands in front of mother Kate, and was even sporting a pair of very cool sunglasses. Prince George and Princess Charlotte stole the show as dad Prince William took part in a charity polo game yesterday.

    Poundworld set to become latest retail failure, putting 5100 jobs at risk

    The appointment of Deloitte as administrators leaves the future of five stores in the county hanging in the balance. A discount store has entered administration, putting thousands of jobs at risk across the UK.
    Italian mayors rebel against Salvini’s order to block migrant ship

    Italian mayors rebel against Salvini’s order to block migrant ship

    The rescuers say those on board Acquarius include 123 unaccompanied minors, 11 children, and 7 pregnant women. Malta is in full conformity with worldwide obligations & will not take the vessel in its ports.
  • IHOP reveals what IHOB will stand for

    IHOP reveals what IHOB will stand for

    The restaurant's website, still found at www.ihop.com claims their new Ultimate Steakburgers are "un-burgerin"-believable". Among the burgers now available are Big Brunch , Cowboy BBQ , Mushroom Swiss, Jalapeno Kick and Mega Monster .

    US Air Force Nabs Deserter After 35 Years

    The only clue Hughes left behind was a trail of bank withdrawals, where he pulled out $28,500 from 19 different branches. He had been scheduled to return to the Kirtland Air Force Base in Albuquerque , New Mexico on August 1.
    Kim Jong Un and Donald Trump in Singapore for historic summit

    Kim Jong Un and Donald Trump in Singapore for historic summit

    Curious onlookers wait for the departure of Donald Trump's motorcade from Singapore's presidential palace. Kim Jong Un met Singapore Prime Minister Lee Hsien Loong shortly after his arrival, driving from the St.


Most liked

Sonic's new Pickle Juice Slush debuts Monday
The pickle-flavored slushies will remain on Sonic's menu through the summer, according to a spokesperson with the company. Food and Wine tasted the drink and said it's sweet, tangy and "surprisingly delicious".

Pope tells top oil executives world must convert to clean fuel
The Pope acknowledged the latent demand for energy but said it must not come at the cost of the environment. Some of the world's biggest oil titans met with the Pope for a closed-door conference Saturday.

Foxconn broke Chinese labour laws-rights group
Foxconn, a consumer electronics manufacturer, said it's "aware" of the report and is conducting a "full investigation". In 2010, Shanghaiist reported that security guards at an Apple iPhone factory run by Foxconn regularly beat workers.

Donald Trump, Kim Jong-un to open historic summit with one-on-one powwow
Numerous tough details in the North Korea talks are likely to wait for future rounds of talks at a lower level. Mr Trump flew into Singapore's Paya Lebar Air Base aboard Air Force One, arriving just hours after Mr Kim.

Bryan Colangelo resigns as president of the Philadelphia 76ers
The accounts also tweeted favorable opinions about Colangelo while denigrating Philadelphia's former general manager, Sam Hinkie . In the days after the initial report, internet sleuths found evidence suggesting the accounts were linked to Bottini.

Jacqueline Fernandez's Race 3 Memories Include 'Permanently Injured Eye'
Earlier in March, Jacqueline had suffered an eye injury on the sets of Race 3 . The high-octane action flick will hit thetares on June 15.

Metal Wolf Chaos XD announced for PS4, Xbox One, and PC
The game, titled Metal Wolf Chaos XD , will feature upgraded visuals, and will support widescreen formats. It was originally developed by the team behind Otogi, which is a fairly beloved old Xbox game.

Nadal shows Thiem what it takes to be king
In 2005, the Spaniard defeated the unheralded Mariano Puerta in the final to begin a winning monopoly at Roland Garros . Nadal, 32, is second behind Federer in the list of all-time Grand Slam titles, three clear of Pete Sampras in third.

Victoria Beckham Steps Out With Husband David After Shutting Down Split Rumors
The former England captain looked stylishly low-key in a tan-coloured jacket and brown pants which he teamed with suede shoes. A friend of the couple said they had laughed about the claims and it was a "mystery" as to how they had started.

War of words erupts between U.S. and G7 allies
Trump fired back after Trudeau's press conference, blasting the Canadian leader on Twitter as "very dishonest and weak". A few hours earlier, Trudeau had told reporters that all seven leaders had come together to sign the joint declaration.

Kate Middleton showcases affordable summer style during day out with children
The tournament was Prince William's first sporting appearance since the couple welcomed Prince Louis earlier this year. Better if he was seen playing with a toy auto or football.

Erdoğan warns Austrian gov't against crackdown on mosques
Erdogan responded angrily on Saturday, stating, " They say they're going to kick our religious men out of Austria . Erdogan's speech precedes presidential and legislative elections on June 24 in which he faces stiff opposition.

Iran, China discuss JCPOA, all-out ties on SCO sidelines
Founded in 2001, the SCO also includes the former Central Asian Soviet republics of Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.

Industries Reveals New Halo Infinite Details
Following their E3 press conference, Microsoft may be taking a page from Sony by stacking their development studios with talent. They did state that a whole new engine has been built for Halo Infinite to run on and the footage we saw was in-engine.

Capcom Have Finally Revealed Devil May Cry V
Capcom has a presence at E3 2018 , so we could potentially hear more from Devil May Cry 5 at some other point during the week. A battle of good and evil - A demonic invasion begins with the seeds of a "demon tree" taking root in Red Grave City.