Three thousand jobs have been put under threat again after Poundworld’s administrators rejected a rescue bid from its founder Chris Edwards.
After officially appointing administrators on June 11, the discount retailer has been searching for buyers in an effort to save the business.
Its founder and former chief executive Chris Edwards, who sold Poundworld in 2015, tabled a bid to acquire 180 of its stores, saving around 3000 of its 5100 employees jobs.
According to the Press Association, this bid has been rejected by Poundworld’s administrators Deloitte, who informed Edwards that his bid was not high enough.
As part of the administration process Deloitte would have to sell the business as a “going concern” and secure a better deal for creditors than they would receive if Poundworld’s property was sold off.
Deliotte, which has come under major criticism from Edwards, who said the process had “been handled badly”, said no credible offers had yet been made for the company.
“I’ve made a substantial and credible offer, which is the best offer we can put forward, but in my opinion, it hasn’t been given the respect it deserves,” Edwards said.
“Although it was close to what the administrator wants, we’ve now had written confirmation that it’s not high enough, which I’m shocked and surprised at, considering we were going to save 3000 jobs.
“You have to consider the moral argument in this and the fact that people’s livelihoods are on the line and clearly to some people it appears that doesn’t matter.”
The administrators have already made 100 people redundant at Poundworld’s Yorkshire head office.
Even with Edwards deal on the table, there was speculation up to 150 stores could still shut down.
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