Fears For West Ealing Poundworld As Chain Goes Into Administration

Rescue talks have failed and discount trader has called in the receivers

The future of West Ealing's major discount store, Poundworld, looks insecure after it's been announced that the chain has gone into receivership.

The company, which is owned by TPG Capital, has 335 stores, and employs over 5,000 people.

A TPG spokesperson said: “This was a difficult decision for every party involved. We invested in Poundworld because of our belief in how the company serves its customers and the strength of its employees.

“Despite investing resources to strengthen the business, the decline in UK retail and changing consumer behaviour affected Poundworld significantly.”

Deloitte has been appointed to handle the administration after last-ditch rescue talks with R Capital broke down over the weekend.

Clare Boardman, joint administrator at Deloitte said: '' The retail trading environment in the UK remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business. Unfortunately, this has not been possible."

Deloitte have said they will try to find a buyer for the business and has said there are no redundancies or store closures at this time.

June 11th 2018