Poundworld rescued in deal with Irish family who plan to keep 50 stores open

All store closures still set to go ahead, administrators Deloitte said

The pound chain went into administration in June (REUTERS)

Poundworld has been rescued by an Irish family who specialise in discount retail businesses, with plans to keep around 50 branches open across the UK.

The Henderson family founded Irish company Poundworld, which is unrelated to the UK firm, in 1984 and sold it in 2007.

They said on Thursday that Deloitte, the administrators of Poundworld, had agreed to its bid, however, a source close to the accountancy firm said while terms in principle had been agreed, the deal had not yet closed.

David Henderson said that his family’s offer of an undisclosed sum for “the best and remaining stores” owned by Poundworld had been accepted by. The new owners plan to keep the same branding.

He added: "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.”

Poundworld UK, which was bought by US TPG Capital in 2015 for £150m, went into administration in June, putting more than 5,000 jobs at risk.

Since the administrators stepped in, the company has closed over 250 stores, resulting in the loss of 4,000 jobs.

The remaining stores will be closed on Thursday, Deloitte confirmed.

The Hendersons have formed a UK company, RVP Holdings, which will run Poundworld.

Deloitte said it had been looking for a buyer for all or parts of the business, but as the administration progressed, Clare Boardman, one of the partners running the administration, said it had not been possible to find a buyer for the whole business.