Irish company seals deal to buy Poundworld UK

Poundworld UK has been purchased by Dublin retailing family, the Hendersons, who opened Ireland’s first Poundworld store in 1984.

David Henderson confirmed the offer was accepted by administrators Deloitte yesterday to buy the best and remaining stores for an undisclosed sum.

Poundworld UK was bought by US TPG Capital in 2015 for £150 million but called in the administrators in June, when more than 250 shops shut and 4,000 jobs were lost.

Ray Henderson sold Poundworld then changed to Euroworld in 2007. His son, David, who has experience in the Irish and US retail sectors, led negotiations.

“We are delighted to have agreed the purchase of Poundworld and we now look forward to bringing the company back to profit and provide current and new customers with an unrivalled product offering at low prices,” David Henderson said.

The Hendersons have formed a new UK entity, RVP Holdings Limited, to operate the business there.

Poundworld turned over nearly £500m in 2017 with 6,000 employees across 337 stores.