49 jobs at risk as discount retailer calls in administrators

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The discount retailer had been in talks with private equity firm R Capital over the weekend, but administrators have been called in after the negotiations broke down. Losses reportedly jumped to £17.1million in 2016 to 2017, from £5.4m the year before.

She said the business was hit by falling footfall, alongside rising costs and weak consumer confidence.

Poundworld has around 350 stores across the UK.

There remains optimism that a proportion of the chain's staff will avoid losing their jobs if buyers can be found for part of the business during the administration process.

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Chris Edwards, who founded the business in Wakefield, Yorkshire in 1974 before selling it to TPG for £150m, is also thought to have been interested in buying back the business.

"Unfortunately, this has not been possible".

Poundworld could become the biggest chain by number of employees this year to fall into insolvency, following the demise of Maplin and Toys R Us UK earlier this year.

Carpetright (Other OTC: CGHXF - news), Marks & Spencer (Frankfurt: 534418 - news), Mothercare (Other OTC: MHCRF - news) and New Look are among the other retailers which have announced store closure plans this year, with thousands of jobs disappearing as a outcome. "We thank all employees for their support at this hard time".

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The high street has also been rocked by a succession of retailers and restaurant chains unveiling plans to shut down stores to reflect tougher trading conditions.

A TPG Capital spokesman said: "This was a hard decision for every party involved".

House of Fraser (HoF) confirmed plans last week to axe 6,000 jobs and close just over half its 59 stores.

"Despite investing resources to strengthen the business, the decline in United Kingdom retail and challenging behaviour affected Poundworld significantly".

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