Poundworld puts 5,300 jobs at risk after announcing administration

Poundworld has branches in Shrewsbury and Telford

The future looks dismal for Poundworld's 5,300-strong workforce as any solvent sale would trigger a painful restructure, leading to 100 store closures out of its 335-strong estate and the loss of thousands of jobs.

It is believed the notice will give Poundworld time to structure a deal, which could be undertaken through a pre-pack administration, with private equity firm R Capital, former owner of Little Chef.

Poundworld is preparing to appoint administrators as the struggling discount chain makes a last ditch attempt to avoid collapse.

Yesterday it was reported that the founder of Poundworld was putting together a rescue package to prevent its collapse after a potential buyer walked away from rescue talks.

Poundworld, which is owned by TPG Captial, had previously rejected offers to sell through a pre-pack but all options are now being considered.

England coach Eddie Jones plays down confrontation with South Africa fans
We did the exact opposite. "It was a momentum game based on possession". "They (South Africa fans) have always got plenty to say. England suffered a fourth straight test loss and fifth overall. "There is no reason we can't turn it round, no reason at all".

Earlier this week, talks with potential buyer Alteri Investors, whose website says it specialises in "challenging retail situations", broke down.

Losses for the financial year 2016-17 were £17.1million, up from £5.4million the year before.

House of Fraser (HoF) is expected to be the latest retailer to turn to a CVA in the coming days amid pressure from its bank lenders on its Chinese shareholder to pump fresh capital into the business.

Retailers Maplins, Toys "R" Us, Mothercare, Carpetright, plus a string of restaurant chains, have hit the headlines this year because of trading trouble.

Restaurant chains including Byron, Carluccios and Prezzo - which is also owned by TPG - have also sought approval from creditors to shut scores of outlets amid similarly tough conditions in the United Kingdom casual dining sector.

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