49 jobs at risk as discount retailer calls in administrators

Poundworld collapse

GETTYPoundland is set to enter administration

In 2016-17, losses for the financial year were £17.1m, up from £5.4m the year before.

"Shoppers are facing another hole in their high street". Hopefully they can sort something out, and prevent all those people losing their jobs.

A string of restaurant chains including Prezzo, Jamie's Italian and Carluccio's have also shut sites and axed staff.

House of Fraser (HoF) confirmed plans last week to axe 6,000 jobs and close just over half its 59 stores.

Its director, Professor Joshua Bamfield, said: '2018 is likely to be the worst for retailers since 2008 at the height of the recession as retailers abandon stores and loyal employees as well as cutting costs to compete with Amazon and Aldi.

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

A source told Sky News that discussions about a rescue deal between Poundworld's owner, TPG Capital, and Rcapital, had fallen apart over the weekend, days after a bid from Alteri Investors, another turnaround company, had also been terminated.

It was understood to be in talks with investment firm R Capital, whose current portfolio includes property consultants Cluttons and cosmetic surgery firm The Harley Medical Group.

Administrators Deloitte have stressed the stores will continue to operate as normal for the moment, with no redundancies.

Deloitte's joint administrator, Clare Boardman, said: "The retail trading environment in the United Kingdom remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business".

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'Unfortunately, this has not been possible.

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

"Despite investing resources to strengthen the business, the decline in United Kingdom retail and changing consumer behaviour affected Poundworld significantly".

'It seems Poundworld has stretched itself too thin.

Poundworld has around 350 stores across the UK.

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