Poundworld buyer pulls out

Poundworld employs more than 5,000 people

Deloitte has confirmed that a sale via a pre-pack administration could be an option for the company, but this approach would put at risk the jobs of all 5,500 staff members now working for Poundworld and is now the least favoured option when it comes to the future of the chain.

The firm's cash reserves are running low and it is considering filing the notice as it would give the business two weeks' protection from creditors, according to the Press Association (PA).

Up until Wednesday night, it had been in talks with Alteri Investors, a group which specialises in turning around struggling businesses.

The future of struggling discount retailer Poundworld is in the balance after the main contender to buy the chain pulled out of talks.

Poundworld had previously rejected offers to sell through a pre-pack but all options are now being considered.

However, adviser Deloitte is also understood to be preparing contingency plans if a buyer is not found.

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The news comes on the same day that House of Fraser announced that it is to axe 31 stores, putting 6,000 jobs at risk.

And only last month Marks & Spencer said it was accelerating its store closures plans - leaving more empty units on High Streets across the country.

Restaurant chains including Byron, Carluccios and Prezzo - which is also owned by TPG - have also sought approval from creditors to shut scores of outlets amid similarly tough conditions in the United Kingdom casual dining sector.

However, pre-tax losses widened to £17.1m from £5.4m the year before.

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