Poundworld closes in on rescue deal

Poundworld rescue deal

Poundworld is reportedly close to a rescue deal with Alteri Investors, with the deal likely to be announced next week.

According to Sky News, the new owners would still restructure Poundworld after the sale, which could be completed for a nominal sum, according to unspecified sources.

This would lead to the closure of 117 Poundworld shops by August 31, according to documents seen by The Grocer last month, and the loss of around 1500 jobs.

US-based private equity group TPG – which bought a majority stake in Poundworld in 2015 – put the discount retailer up for sale last month after receiving expressions of interest, prompting it to put a planned company voluntary arrangement (CVA) on pause.

Poundworld currently has 355 stores around the country.

TPG and Alteri have both declined to comment.

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