1. ITV Report

Thousands of jobs at risk after collapse of Yorkshire-based Poundworld chain

Poundworld has called in the administrators. Credit: PA

More than 5,000 jobs are at risk after West Yorkshire-based Poundworld called in the administrators.

The budget retailer, which was has its head office in Normanton, Wakefield, collapsed after last-ditch rescue talks broke down over the weekend.

The company, which is owned by TPG Capital, has 335 stores including more than 40 in Yorkshire and Lincolnshire.

Administrator Deloitte has been called in and will try to find a buyer for the business, which has said there are no redundancies or store closures at this time.

Poundworld's losses widened in 2016-17 to £17.1 million, from £5.4 million of losses the year before.

The retail trading environment in the UK remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business. Unfortunately, this has not been possible.

– Clare Boardman, joint administrator at Deloitte

We invested in Poundworld because of our belief in how the company serves its customers and the strength of its employees...

Despite investing resources to strengthen the business, the decline in UK retail and challenging behaviour affected Poundworld significantly.

– TPG Capital spokesman