Mon, 14 May 2018 | BUSINESS SALE
Poundworld has officially been put up for sale by its private equity owner, TPG Capital, according to the latest reports.
The decision to sell the chain of discount high street retailers follows TPG receiving expressions of interest from potential buyers.
Previously, it had been reported that Poundworld was undergoing restructuring in the form of a company voluntary arrangement (CVA), which involved the closure of 100 of its 355 stores across the UK. However, this process has now been shelved as the owners look to sell the business in its entirety instead.
A sale is now expected to be completed within a short period of time to allow the new owner to continue with the CVA if necessary. However, the 5,000 people employed by the chain will no doubt be feeling even more uncertain about their future in light of this latest news, as it is no longer clear how many stores will be closed, if any at all.
The chain reported that its problems stemmed from the fact that it imports a large amount of its stock and that it had been hit by the fall in the value of the pound as a result. It is also suffering as a result of rising overheads, increased online shopping and a fall in consumer confidence - the same issues that have impacted retailers across the country.
TPG Capital has owned Poundworld since 2015 and is also behind the Prezzo chain on Italian restaurant, which has also recently announced its own CVA.
Well-fitted convenience store and post office situated in a small parade, this is an unopposed trading position with residential, office and commercial traffic.
LEASEHOLD
This is an impressible greengrocer situated in a parade with excellent high street trading position, offering considerable residential, office and commercial traffic.
LEASEHOLD
This is an immaculate licensed restaurant which has recently closed. The venue can be re-established as catering premises or change of use Offering E class license and 5 star hygiene rating.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.