'˜Bad management to blame for crash': Poundworld founder Chris Edwards
Poundworld founder Chris Edwards, who sold the business in 2015, says the company's demise is down to bad management practices rather than Brexit, current high-street conditions or the weak pound.
Mr Edwards started Poundworld on a Wakefield market stall in 1974 and built it into a leading high street brand, with more than 300 stores across the UK, selling a vast range of products that were all priced at a pound.
Mr Edwards recently tabled a deal to save 186 stores, along with 3,000 jobs, but his offer was rejected by the administrator.
He said: “ After we sold the business it became very badly managed and I raised my concerns with the new owners on many occasions, but it fell on deaf ears.
“The new owners made expensive decisions that the business couldn’t take.”
TPG and Deloitte declined to comment.