Poundworld founder criticises administrators

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 yesterday said “the whole administration process has been handled badly”.

Poundworld collapsed into administration on June 11, putting around 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.

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 selling stock that isn’t being replenished, so, with every day that passes, the task of saving the business becomes more difficult and puts another nail in the coffin.”

Mr Edwards has been given access to bankers at Santander, Poundworld’s lender, who are working with him on a possible rescue package.

He said members of Poundworld’s former management team would be willing to return to the business, but that Deloitte needed to act soon.

Joint administrators Daniel Butters and Clare Boardman have already made 100 people redundant at Poundworld’s head office in Normanton, West Yorkshire.

The administrators said the collapse of Poundworld, which was formerly owned by TPG Capital, was due to falling footfall, rising costs and weak consumer confidence.