Poundworld to put 1,500 jobs at risk as 100 stores set to close

Discount chain Poundworld is reportedly set to put 1,500 jobs at risk as part of a new restructuring programme.

The Normanton-headquartered chain, which is owned by private equity firm TPG Capital, is seeking a proposal for a company voluntary arrangement (CVA) which could see 100 of its 355 stores close.

The plans for a CVA are expected to be officially announced in May.

The restructuring of Poundworld is believed to be a result of rising rent costs and business rates, similar to other high street names including New Look and Carpetright.

Founded in 1974, Poundworld now employs around 5,500 people. Back in 2015, TPG acquired a majority stake in the business in a deal worth £150m.

TPG also owns Italian restaurant chain Prezzo, which has also been forced to close around 94 stories through a Company Voluntary Arrangement.