British low cost retailer Poundworld nears rescue – Sky News

LONDON (Reuters) – British low cost retailer Poundworld is near a rescue take care of Alteri Investors, Sky News reported on Saturday, with the deal prone to be introduced subsequent week.

Private fairness group TPG put Poundworld up on the market after receiving expressions of curiosity, prompting it to place a deliberate restructuring of the group on maintain, an individual conversant in the matter mentioned final month.

Sky mentioned the brand new homeowners would restructure Poundworld after the deal, which might result in the closure of greater than 100 Poundworld retailers and the loss of about 1,500 jobs.

Poundworld says it serves over 2 million prospects every week by its greater than 350 shops across the nation. TPG purchased a majority stake in 2015 in Poundworld, which competes with rival group Poundland and different low cost teams.

The report mentioned the deal might be accomplished for a nominal sum, based on unspecified sources.

TPG declined to touch upon the report. A spokesman for Alteri, which is a turnaround investor in European retail, additionally declined to touch upon the report.

Poundworld isn’t the one retailer to be struggling in Britain the place customers are strapped for money and more and more buying on-line.

Toys R Us UK, electricals group Maplin and drinks wholesaler Conviviality have collapsed this 12 months, whereas style retailer New Look and mom and child merchandise chain Mothercare (MTC.L) are each closing shops.

Reporting by Alistair Smout; Editing by Edmund Blair and Andrew Bolton

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