Sky News has today reported that Alteri Investors has pulled out of negotiations with Poundworld’s owners and advisers within the last 24 hours.
It has been reported that people close to the sale process insisted on Wednesday that TPG, Poundworld’s owner since 2015, remained in discussions with other parties about a solvent deal.
Alteri’s deal was expected to immediately launch a restructuring programme that will lead to the closure of more than 100 Poundworld shops and the loss of about 1,500 jobs. In total, Poundworld employs about 5,300 staff.
Flacks, a US firm which was linked to a bid at the weekend, is not regarded as a serious bidder for the UK-based bargains chain.
Chris Edwards, Poundworld’s founder, is said to have been attempting to put together a rescue bid for a chunk of the company.
If a solvent sale of Poundworld cannot be agreed, the business could be sold through a pre-pack administration or collapse outright. Rescue talks are being led by Deloitte.
TPG had initially been planning to undertake the CVA itself but decided against funding the company through that process.
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