Jul 2, 2018

Poundworld rescue deal at risk, claims founder

The founder of Poundworld has said that the discount retailer's administrator is putting a rescue plan at risk by dragging its feet over striking a deal. Deloitte was appointed as the administrator of Poundworld in June after talks with a buyer failed. Mr Edwards, who started Poundworld from a market stall in Wakefield in 1974, has made an offer for 186 stores which he says would save around 3,000 jobs. Mr Edwards says that despite contacting Deloitte four weeks ago, his team has only just been given access to Poundworld's head office in Normanton to check stock levels. At the time, Deloitte said: "Like many High Street retailers, Poundworld has suffered from high product cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market."

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