Poundworld placed in administration

Daniel Butters and Clare Boardman, restructuring partners at Deloitte, were on Monday appointed as joint administrators.

On Thursday the company had been granted ten days to find a buyer to save the business.

Deloitte said the company would continue to trade while a buyer for all or part of the business is sought.

There are no redundancies or store closures at this time, it said.

Like many high street retailers, Poundworld has suffered from high product cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market.

Clare Boardman, joint administrator, comments: “The retail trading environment in the UK remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business. Unfortunately, this has not been possible.

"We still believe a buyer can be found for the business or at least part of it and we are keeping staff appraised of developments as they happen. We thank all employees for their support at this difficult time.”