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.

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