More than 5,000 jobs at risk as Poundworld heads for administration

Discount chain Poundworld is reportedly putting 5,300 jobs at risk as it prepares to its intention to appoint administrators.

The Normanton-headquartered chain, which is owned by private equity firm TPG Capital, currently operates 355 stores nationwide.

The Press Association understands that the move to appoint administrators will give the company a two week window to talk to potential buyers whilst being protected from its creditors.

At this time, investment company R Capital is believed to be the only bidder holding talks to acquire Poundworld.

Deloitte is expected to be appointed administrators of the company if no buyer is found.

Founded in 1974, Poundworld was acquired by TPG Capital in 2016 in a deal worth around £150m.

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