Several years ago I remember reading something about how the recession meant discount shops like pound shops were doing quite well. When times are tough, people love the concept of "everything's a pound", which it was at the time. The problem is that even these trying Brexitty times are proving to be a bit problematic for them. Or rather it is for Poundworld, which is apparently on the verge of administration.
For some reason Poundworld isn't as well known or widespread as rival Poundland. It's not entirely clear why, since they're basically the same shop, but Poundland has over 700 locations in the UK while Poundworld only has 355. But times are tough for businesses, just ask Toys R Us and Maplin, and the discount chain is ready to announce it was appointing administrators to help it solve its financial woes.
This move will give the chain 10-14 days to negotiate with buyers without its creditors trying to make a claim on the business, and it's being reported that R Capital is interested in buying the business. That's news that will likely sound good to Poundworld's 5,300 staff, and the two million customers who shop at the company's shops every week. Unfortunately things are a little murky for 100 branches that were already under threat of closure, though it's been confirmed they will remain open for the duration of negotiations.
Image: S Martin/Flickr