Workers’ hope dashed at crisis hit pound store
Founder’s deal is off
There is a real fear for the jobs at Poundworld’s Wishaw and Motherwell stores.
The stores at Wishaw Retail Park and at Brandon Parade, Motherwell, face an uncertain future after the company called in administrators last month.
Poundworld’s founder had said he was hoping to save more than half of the retail giant’s stores and safeguard approximately 3,000 jobs nationwide.
However, negotiations stalled because his offer fell short of what the administrator hoped to achieve,
Chris 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.
US private equity firm TPG acquired a majority stake in the business in 2015, but the company called in administrators Deloitte earlier this month.
Edwards had tabled a deal to save 186 stores across the country.
He said: “I’ve made a substantial and credible offer, which is the best offer we can put forward, but in my opinion, it hasn’t been given the respect it deserves.
“Although it was close to what the administrator wants, we’ve now had written confirmation that it’s not high enough, which I’m shocked and surprised at, considering we were going to save 3,000 jobs.
“You have to consider the moral argument in this and the fact that people’s livelihoods are on the line and clearly to some people it appears that doesn’t matter.
“The amount of extra money the administrator is holding out for is a drop in the ocean when you consider how much money will be needed to stabilise the business and replenish stock levels. I now believe the business will close rather than jobs being saved.”