Wednesday, 15 August, 2018

Poundworld on brink of administration putting 5300 jobs at risk

Poundworld employs more than 5,000 people Image Poundworld employs more than 5,000 people
Laurie Berry | 08 June, 2018, 23:05

The budget retailer, which has stores in Shrewsbury and Telford, is low on cash and is filing the notice because it will give the business protection from its creditors for two weeks.

The prospects of a deal involving Rcapital were put at no more than 50-50 by one insider, with Poundworld said to be planning to file a notice of intention to appoint administrators as soon as Thursday.

Deloitte has been preparing contingency plans for an administration in the event of talks collapsing.

The administration will be handled by Poundworld's advisers Deloitte.

Losses for the financial year 2016-17 were £17.1million, up from £5.4million the year before.

The retailer was hit with a £5.7 million charge for onerous leases, a provision retailers make when the cost of a lease is no longer covered by the income of the store.

Trump Reviewing 3000 Pardons, Including Muhammad Ali But Not O.J. Simpson
Navy sailor who served a year in federal prison after taking photos of classified portions of a submarine. His decision resulted in a draft-evasion conviction, and he was stripped of his heavyweight boxing crown.

He sold out to TPG for £150m, and later took over at rival Poundstretcher.

In addition, Carpetright, Mothercare and New Look have all undertaken sweeping store closure programmes, while House of Fraser is putting together a rescue plan called a company voluntary arrangement, or CVA, which is expected to result in at least 20 of its 59 department stores shutting.

TPG, which bought a majority stake in Poundworld in 2015, also controls the restaurant chain Prezzo whose landlords and creditors agreed a restructuring last month.

The potential end of Poundworld comes in a devastating year for the once-great British High Street - with Toys R Us already disappearing from towns and cities.

Restaurant chains including Byron, Carluccios and Prezzo - which is also owned by TPG - have also sought approval from creditors to shut scores of outlets amid similarly tough conditions in the United Kingdom casual dining sector.

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