Deloitte appointed as administrators to Poundworld
11 June 2018
Daniel Butters and Clare Boardman, restructuring partners at Deloitte, have today been appointed as joint administrators to Poundworld Retail Limited (“Poundworld”).
Poundworld offers around 8,000 product lines mostly priced at £1, including groceries, toiletries, household cleaning and confectionery items. The business operates from 335 stores and its head office and distribution centre in Normanton, near Wakefield in West Yorkshire. The business employs circa 5,100 people.
Poundworld will continue to trade while a buyer for all or part of the business is sought. There are no redundancies or store closures at this time.
Like many high street retailers, Poundworld has suffered from high product cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market.
Clare Boardman, joint administrator, comments: “The retail trading environment in the UK remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business. Unfortunately, this has not been possible. We still believe a buyer can be found for the business or at least part of it and we are keeping staff appraised of developments as they happen. We thank all employees for their support at this difficult time.”
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