Poundworld could now be sold

It is understood that Poundworld owner, US private equity firm TPG, is now considering an outright sale of its UK retail business which could mean that the chain’s plans to enter into a CVA will be delayed. There is, however, a tight deadline on the sale process which is being handled by Deloitte, as any new owner may wish to proceed with the CVA in order to be able to close under performing stores and reduce headcount. Poundworld had sought to close in the region of 100 stores.

Variety and discount stores are now, like much of the rest of the typical high street store “make-up”, struggling against increasing competition.