Fears for jobs as Poundworld appoints administrators

Budget retailer Poundworld - which has 11 stores in Northern Ireland - has gone into administration.

The news puts thousands of retail jobs across the UK into doubt.

Poundworld, which is owned by TPG Capital, appointed Deloitte to handle an administration after last-ditch rescue talks with a private equity firm broke down over the weekend.

The administrator said it will try to find a buyer for the business, and has said there are no redundancies or store closures at this time.

Poundworld’s possible collapse comes after both Toys R Us and Maplin fell into administration earlier this year.

It’s the latest blow to the high street just days after it was announced that House of Fraser would close 31 stores, though the one in Belfast is among those remaining open.