Irish retailing family step in to buy Poundworld

Poundworld which had 335 stores in Britain went into administration in June after posting losses last year of £17 million

David Henderson, of RVP Holdings, confirmed their offer had been accepted by administrators Deloitte to purchase the best and remaining stores for an undisclosed sum.

The number of stores included in the Hendersons' bid was unclear by the time of writing, but not thought to be higher than 50, which represents a fraction of Poundworld's 355-strong estate.

Dublin retailing family, the Hendersons, opened a store called Poundworld in Ireland in 1984.

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.

The would be no obligation for the new Poundworld shops to rehire existing staff members.

Although terms have been agreed in principle, insiders cautioned that that the proposed deal has not been officially settled and is subject to a final agreement.

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This business had nothing to do with Poundworld in the United Kingdom, which was founded in 1974 by Christopher Edwards.

"If Henderson's are to make a success of turning Poundworld round and back to profitability, they must listen to the staff and fully engage them in decisions about the future of their jobs". Poundworld UK founder Chris Edwards criticised the bad management of the chain he sold in 2015, which ultimately led to its demise.

At he end of last month it was revealed Poundworld would be closing down all of its remaining stores, after failing to secure a buyer following financial woes and a descent into administration.

It was also hit by the fall in the value of the pound after the 2016 Brexit referendum, which has pushed up the price of imported goods.

Other High Street names, including Marks & Spencer, Carphone Warehouse, New Look and Carpetright, have announced significant store closures.

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