Jun 12, 2018

Poundworld could be rescued by founder 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. Like many retailers, Poundworld has been battered by falling consumer confidence, rising overheads, the weaker pound and the growth of online shopping. He said the management at Poundworld had "Not adjusted" to rising cost pressures, caused by the weaker pound, and had "Lost their profit margin". Born into a "Fairground family" Mr Edwards, 67, spent his early years travelling the UK. Founded Poundworld in 1974 and in the 1980s expanded into nightclubs. In 2015, Poundworld was sold to TPG Capital for £150m. In 2016, Mr Edwards was parachuted into Poundstretcher by owners Crown Crest to help revive the business.

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