NEWS

Poundworld put up for sale after expressions of interest

Published on: 14th May 2018

Discount retailer Poundworld has been put up for sale by its owner, private equity firm TPG, the BBC has reported.

The chain had been looking at closing about 100 of its 355 stores as part of a restructuring plan, as it battled a tough retail environment.

That process has now been put on hold by US owner TPG after it received expressions of interest in the company.

Poundworld, which employs about 5,550 people, is among many stores on the high street which have been struggling.

Like many retailers, it has been hit by falling consumer confidence, rising overheads, the weaker pound and the growth of online shopping.

The chain imports a lot of its stock and is having to pay more for it because of the fall in the value of the pound.

The process of finding a buyer will happen over a short timeframe, the BBC has reported, to allow any new buyer to continue the CVA process if required.

Poundworld, which has its headquarters in West Yorkshire, was formed in 2004, but it says it can trace its origins “back to 1974 and a market stall in Wakefield, West Yorkshire”.

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