May 12, 2018

Poundworld 'put up for sale' after expressions of interest

Discount retailer Poundworld has been put up for sale by its owner, private equity firm TPG, the BBC understands. The chain had been looking at closing about 100 of its 355 stores as part of a restructuring plan, as it battled a tough retail environment. CVA's have become popular among retailers because they allow firms to offload underperforming stores and reduce rents while avoiding administration. Private equity firm TPG Capital, which bought a majority stake in Poundworld in 2015, also controls the restaurant chain Prezzo whose landlords agreed to a CVA last month. A number of other retailers have chosen to go through a CVA, including New Look and Carpetright, while House of Fraser is expected to make a formal CVA proposal next month, with a full restructuring in place by early 2019.

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