Uncertain future for South Yorkshire Poundworld staff as administrators reportedly called in

Poundworld.
Poundworld.
0
Have your say

Staff at numerous Poundworld stores across South Yorkshire face an uncertain future as the company is reportedly on the verge of falling into administration.

The company employs about 5300 people nationwide and with 11 stores in South Yorkshire there could be dozens of jobs at risk.

READ MORE: Six men due in court in bid to block prosecutions over Hillsborough disaster
A number of national media outlets are reporting that Poundworld is set to appoint administrators this morning after rescue talks broke down.

After buyout firm Alteri Investors walked away from a rescue deal, Poundworld's owner TPG Capital said it was in talks with other potential buyers.

It is now understood that talk with potential buyer RCapital have collapsed over the weekend.

READ MORE: Sheffield-born nightclub king Peter Stringfellow kept cancer battle secret
It is reported that Deloitte, which has been co-ordinating efforts to find a deal for the business, is now likely to run another sale process once appointed as administrator.

There has previously been speculation that Poundworld was going to axe 100 shops but if the budget store goes into administration, it means all of its 355 shops face potential closure.

Poundworld has been losing cash for the past two years. Losses reportedly jumped to £17.1million in 2016 to 2017, from £5.4m the year before.

READ MORE: Second arrest in Barnsley murder investigation
There are four Poundworld stores in Sheffield, three in Doncaster, two in Rotherham and two in Barnsley.

We have contacted the company for comment and are awaiting a reply.