Poundworld founder's anger over administration

Chris Edwards
Chris Edwards

The founder of Poundworld has ripped into the retailer’s administrators, saying his bid to save thousands of jobs has been ignored.

Chris Edwards, who founded Poundworld in 1974, wants to save around 180 stores, safeguarding 3,000 jobs, but said “the whole administration process has been handled badly”.

oundworld collapsed into administration on June 11, putting 5,100 jobs at risk.

Administrators at Deloitte have been looking for a buyer, but have so far failed and have launched closing-down sales in Poundworld’s stores.

The firm which had stores in Bank Hey Street and in Preston said it had been hit by high product cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market.

Mr Edwards said: “I contacted the administrator four weeks ago and was just paid lip service until everyone else they were talking to about saving Poundworld had walked away.

"The process has taken so long that the shops are now holding closing-down sales and stock isn’t being replenished, so, with every day, the task of saving the business becomes more difficult.”

See also: Jobs at risk as Poundworld goes into administration