Poundworld stores in Portsmouth and Havant to close next week

Administrators to collapsed discount retailer Poundworld have announced the closure of a further 80 stores – including ones in Portsmouth and Havant - in an organised wind down.

The closures nationwide will result in 1024 job losses.

Poundworld went into administration in May. Picture: Gareth Fuller/PA Wire

Poundworld went into administration in May. Picture: Gareth Fuller/PA Wire

The last days of trading for the affected stores will be July 20-22.

Poundworld went out of business last month and Deloitte, which is overseeing the process, has been attempting to secure a buyer for the business ever since.

But a leaked memo to staff penned by the professional services firm said: ‘As previously advised, the administrators have been preparing contingency plans in the event that we are not able to deliver a sale of the business as a whole.’ 

The administrator said discussions with interested parties are ongoing and ‘will continue to progress’ over the coming days.

The affected stores include the Portsmouth shop in London Road, and in the Meridian Centre in Havant.

The company also has a store in Gosport, but this has not been named as one of the stores to close.

Poundworld, which was formerly owned by private equity firm TPG Capital, has 335 stores and employs around 5,100 people.

Deloitte last week turned down a bid for Poundworld from its founder, Chris Edwards, who was looking to save a raft of stores and safeguard around 3,000 jobs.

However, the founder of rival Poundland, Steven Smith, is in early-stage talks about a bid to salvage part of Poundworld out of administration.