Irish family struggling to buy the U.K. budget retailer Poundworld

  • Irish family struggling to buy the U.K. budget retailer Poundworld
    Independent.t. E.
    The muddy remains of the UK budget retailer Poundworld will be purchased by the Henderson family from Dublin.
    https://www.independent.ie/business/irish/irish-family-to-buy-struggling-uk-budget-retailer-poundworld-37201459.html
    https://www.independent.ie/incoming/article37201186.ece/6ac21/AUTOCROP/h342/ipanews_803ef027-1c59-4014-9a03-0b4eebf742cc_embedded236950994

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The muddy remains of the UK budget retailer Poundworld will be purchased by the Henderson family from Dublin.

It is headed by ray Henderson, the family was for a separate Irish version of Poundworld which was established here in 1984.

Later it was renamed in accordance with the transition to the Euro, and sold in 2007.

Yesterday, the son of Mr. David Henderson, who led negotiations, confirmed that their offer to purchase the best and other stores for an undisclosed sum was accepted by the administrators Deloitte.

He said the family has established a new company in the UK, RWP holdings Ltd to work there.

“We are pleased that has agreed to buy Poundworld and we now look forward to bringing the company back to profit and ensure ongoing and new clients with an unmatched range of products at competitive prices,” he said.

Last week David Henderson told Newstalk that if the bid were successful, he looks at sales of more expensive products in the Poundworld stores. He refused to say who the financial backers of the family, saying it was commercially sensitive.

In Poundworld last year turned over around £500 million in the UK, with 6,000 employees for 337 stores.

Poundworld the UK, which was bought by TPG capital of the United States in 2015 for £150 metres, collapsed into administration in June, with more than 250 stores closed, resulting in the loss of 4,000 jobs.

A source close to the administrators said that while there was agreement in principle, the deal is not yet confirmed.

The official announcement is expected early next week.

A string of British store groups have either gone out of business or announced plans to close stores this year as they struggle with subdued consumer spending, rising labour costs, high taxes on business property and growing online competition.

In the near death Poundworld, near Wakefield in Northern England, follows the collapse this year toys R US UK, welder group shop and drinks Festivity wholesaler. (Additional reporting Reuters)

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