49 jobs at risk as discount retailer calls in administrators

Six men due in court in bid to block prosecutions over Hillsborough disasterA number of national media outlets are reporting that Poundworld is set to appoint administrators this morning after rescue talks broke down.

After buyout firm Alteri Investors walked away from a rescue deal, Poundworld's owner TPG Capital last week said it was in talks with other potential buyers.

However, Deloitte said that the business would continue trading, with no store closures or redundancies planned at this time.

Deloitte, which had been coordinating efforts to find a solvent deal, will oversee the administration process for the business, which is based in Normanton, West Yorkshire.

She said the business was hit by falling footfall, alongside rising costs and weak consumer confidence.

'Unfortunately, this has not been possible.

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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". Its possible collapse comes after both Toys R Us and Maplin fell into administration earlier this year.

Deloitte added that they believe a buyer could still be found for the business, or at least part of it.

"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", said joint administrator for Poundworld Clare Boardman.

Other retailers are expected to pick off parts of its 355-strong store estate, while a slimmed-down Poundworld operation may also be viable.

But its losses widened to £17.1 million for the financial year ending March 31, 2017 versus a £5.4 million deficit from the previous 12 month period.

Nevertheless, Monday's news will be the latest in a grim tsunami of developments for Britain's embattled high street.

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