Money Irish retailing family to snap up Poundworld stores

11:45  10 august  2018
11:45  10 august  2018 Source:   msn.com

Poundworld founder blames private equity for retailer’s demise

  Poundworld founder blames private equity for retailer’s demise Chris Edwards has said Brexit and the decline in UK retail was not to blame for the collapse of the budget chain.Mr Edwards founded Poundworld in 1974 and sold it to TPG for £150 million three years ago.

Poundworld UK is set to be acquired by a Dublin retailing family , the Hendersons, in a deal that would salvage part of the budget retailer 's store estate. David Henderson, whose family opened Ireland's original Poundworld store in 1984

A Poundworld store at Seafield Retail Park, Edinburgh (Jane Barlow/PA) Photo: PA Wire/PA Images. Poundworld UK is set to be acquired by a Dublin retailing family , the Hendersons, in a deal that would salvage part of the budget retailer ’s store estate.

So who has stepped in to buy Poundworld from administrators? © Provided by The Press Association So who has stepped in to buy Poundworld from administrators?

Poundworld UK is set to be acquired by a Dublin retailing family, the Hendersons, in a deal that would salvage part of the budget retailer’s store estate.

David Henderson, whose family opened Ireland’s original Poundworld store in 1984, confirmed an offer had been accepted by administrators Deloitte on Thursday to purchase the best and remaining stores for an undisclosed sum.

All Poundworld stores will close on Friday as planned but the family will begin to reopen some after the deal is rubber-stamped, likely to be next week.

'Such tragic circumstances' - family travel to Spain after girl (4) drowns in pool

  'Such tragic circumstances' - family travel to Spain after girl (4) drowns in pool Extended family of a four-year-old girl who died in a tragic accident in Spain have travelled to be with her parents.It's understood that she may have been playing in a plastic paddling pool but somehow managed to get out and fell into the adult pool.

Pound world SAVED: High Street giant bought out by Irish retailer . POUNDWORLD has been bought by Dublin retailing family the Hendersons, who opened Ireland's original Poundworld store in 1984. Helen Flanagan strips back the glamour in intimate bedroom snap .

The best remaining stores will be snapped up by the Hendersons (Source: Getty). A glimmer of hope has appeared for some of Poundworld 's employees after an Irish retail family swooped in to buy the business on its last day of trading.

Poundworld UK, which was bought by private equity firm TPG Capital in 2015 for £150 million, collapsed into administration in June, closing over 250 stores, resulting in the loss of 4,000 jobs.

Ray Henderson sold his original Poundworld, then changed to Euroworld, in 2007.

His son, David Henderson, who has experience in the retail sector in Ireland and the US, led the 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 £500 million in 2017 with 6,000 employees across 337 stores, selling everything predominantly at £1.

House of Fraser’s future in doubt as Hamleys owner pulls investment

  House of Fraser’s future in doubt as Hamleys owner pulls investment C.banner, which owns Hamleys, was going to plough £70 million into the retail chain.C.banner was planning to buy a 51% stake in House of Fraser and plough £70 million into the ailing business, but has said it is scrapping the deal because its share price has fallen dramatically.

An Irish family is to take control of struggling British retailer Poundworld after having its bid accepted by administrators Deloitte. The Henderson family are to purchase the company's remaining outlets - understood to be in the region of 50 stores - as well as the name, for an undisclosed amount.

In November 2013, Poundworld opened its first multi-price retail store , in Walsall, under the name Bargain Buys.[15] Bargain Buys was originally named (and briefly traded as) Discount Poundworld launch world's cheapest bra . . . and say MILLIONS of cash-strapped women will snap it up ".

Dave Gill of shopworkers’ union Usdaw said: “Poundworld staff have faced uncertainty over the last few months. Hope was fading fast, the longer the administrators went without finding a buyer for the business, so this news is welcome.”

Watch: Poundworld enters administration (Provided by Wales Online (Trinty Mirror))

Tributes paid to tragic Irish dad Conal McKee who died in Florida .
A GoFundMe page has been set up to cover his medical billsConal McKee was originally from Co. Down but had moved to Miami to be with his girlfriend Kata and their young son Danny, age seven months.

Source: http://uk.pressfrom.com/news/money/-274716-irish-retailing-family-to-snap-up-poundworld-stores/

—   Share news in the SOC. Networks

Topical videos:

This is interesting!