Poundworld could be rescued from administration

Poundworld’s founder has said he is considering buying back some of the discount retailer’s stores after it fell into administration. on Monday with 5, 100 job losses.

Christopher Edwards, 67 who started out running a market stall in Wakefield founded the firm in 1974, and sold the business in 2015 for £150m to TPG Capital said the chain could be saved with fresh management.

Poundworld which has 335 stores across the UK, expanded rapidly in 2007. N IN 2016-17 the company suffered losses of £17.1m, up from £5.4 m the year before.

 

Investment company TPG, which still owns Poundworld also controls the restaurant chain Prezzo.