Poundworld Saved by the Hendersons
Dublin based retailers the Hendersons are set to help salvage Poundworld’s store estate from administration. Poundworld was set to close its doors, leaving with it somewhat 6,000 employees across 337 stores.
The move has been welcomed by numerous industry workers. The Hendersons, who established a similarly named but unrelated Poundworld chain in the in the Republic of Ireland almost 40 years ago, have also agreed with administrators to buy the Poundworld brand name in the UK.
This, in the sea of acquisitions that are currently happening within the world of retail is welcomed news from those who thought the popular chain would vanish from our highstreets.
Speaking to the Irish Mirror David Henderson stated, “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.”
The family said on Thursday afternoon that its offer for the “best and remaining” Poundworld stores in Britain has been accepted by administrators from Deloitte, which has shuttered close to 300 stores since the chain collapsed into insolvency in June.
It is understood that a deal between Deloitte and the Hendersons has been agreed in principle for between 35 and 50 stores, although the transaction has yet to be finalised. Deloitte have declined to comment thus far on proceedings.
Whilst speaking to the Irish Times last month, David advised that he wanted to “make Poundworld great again.” This means we may see a move away from traditionally cheap products, with more premium brands being stocked throughout the plethora of stores.
The stores that are currently expected to follow plans of shutting down for a brief period, with the idea being once everything is finalised they can re-open in several weeks’ time.