Irish family buys Poundworld UK
An Irish family with over 40 years’ experience in the low-cost retail business has agreed in principle to buy Poundworld UK.
David Henderson, whose family was behind Ireland's Poundworld, said that their offer has been accepted in principle by Deloitte, the administrators to Poundworld UK, to purchase the best and remaining stores for an undisclosed sum.
It is understood that the family would be purchasing shops that are closed.
"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," Mr Henderson said.
The Hendersons have formed a new UK entity, RVP Holdings, to operate the business there.
Ray Henderson founded Poundworld in Ireland in 1984 and sold it in 2007.
He continues to work in the retail sector in Ireland. His son, David, who has experience and success in the retail sector in Ireland and the US, led the negotiations.
Poundworld UK, which was bought by US TPG Capital in 2015 for £150m (€167m), went into administration in June.
It has already closed over 250 stores, resulting in the loss of 4,000 jobs.
Poundworld turned over nearly £500m in 2017 with 6,000 employees across 337 stores selling everything predominantly at £1.