Budget retailer Poundworld about to collapse - Over 5000 jobs in jeopardy

Poundworld in Dartford faces an uncertain future

More than 5,000 jobs are at risk after West Yorkshire-based Poundworld called in the administrators.

The retailer, which has stores in Blackburn, Accrington and Burnley is poised to appoint Deloitte to handle an administration after last-ditch rescue talks with R Capital broke down over the weekend.

Poundworld has around 350 stores across the UK.

Poundworld, which is owned by TPG Capital, has around 335 stores, employing 5,100 people.

The appointment of Deloitte as administrators leaves the future of five stores in the county hanging in the balance.

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The announcement comes days after the House of Fraser announced the closure of its Cardiff and Cwmbran department stores next year threatening nearly 440 jobs.

"Unfortunately, this has not been possible".

Deloitte said in a statement: '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.

Poundworld - which also trades under the name Bargain Buys in locations including Stevenage - appointed administrators today after talks with a potential buyer collapsed, leaving no other option.

It has been losing money for the past two years, however.

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The stores suffered a major rise in multi-million pound losses a year ago - rising from £5.4m to £17.1m in 2016/17.

A TPG Capital spokesman said: "This was a hard decision for every party involved".

"We invested in Poundworld because of our belief in how the company serves its customers and the strength of its employees", he added.

House of Fraser is seeking landlord approval for the restructuring plan, which is a form of insolvency known as a Company Voluntary Agreement (CVA).

Other retailers undertaking CVAs in a bid to keep trading include New Look, Mothercare and Carpetright.

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