Irish retailing family step in to save Poundworld
Poundworld UK is set to be purchased by Dublin retailing family, the Hendersons, who opened Ireland’s original Poundworld store in 1984.
David Henderson confirmed their offer for the Wakefield-headquartered firm had been accepted by administrators Deloitte to purchase the best and remaining stores for an undisclosed sum.
Poundworld UK, which was bought by US TPG Capital in 2015 for £15m, collapsed into administration in June, closing over 250 stores and resulting in the loss of 4,000 jobs.
However, the proposed deal would be likely to include about 10% of the 355 Poundworld shops and no stock would be associated with the deal. If the stores re-open under the Poundworld brand, they would have to be re-stocked, and staff hired. There would be no obligation for the new Poundworld shops to rehire existing staff members, according to sources of BBC News.
Ray Henderson, whose son has David has led the negotiations, sold his original Poundworld, then changed to Euroworld in 2007.
Chris Edwards, who founded Poundworld in 1974 from a Wakefield market stall, tabled a deal in a bid to save 186 stores, along with 3,000 jobs, after it got into trouble but this was declined by the administrators.
If the deal goes ahead, for an as yet undisclosed sum, there will be no debt obligations or pensions obligations to existing staff, sources have said.
