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Gloucestershire Business News

Poundworld faces collapse, putting 5000 jobs at risk

Discount retailer Poundworld is expected to go into administration today, the latest high street retailer to run into trouble.

Talks with a potential buyer have collapsed, leaving the chain with no other option than to put the company into administration, as reported by the BBC.

Poundworld has 355 stores, including one in Gloucester, and serves two million customers a week.

If a buyer for the company cannot be found, 5,100 jobs will be put at risk.

The retailer has been losing money for the past two years. Losses for the financial year 2016-17 were £17.1m, up from £5.4m the year before.

Poundworld is the latest in a long line of retailers hit by the growth of online shopping, the weaker pound and rising overheads. It follows the news last week that House of Fraser would close 31 of its 59 stores, including its Cirencester branch .

Investment company TPG, which owns a majority stake in Poundworld in 2015, also controls the restaurant chain Prezzo , whose landlords and creditors agreed a restructuring last month.

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