Poundworld UK has seemingly been ‘rescued’ as Irish businessman David Henderson has agreed a deal with the failed discount retailer’s administrator.
Henderson opened Ireland’s Poundworld retail business (not related to the UK chain) in the 1980s before selling out of the subsequently rebranded ‘Euroworld’ stores back in 2007.
His family retail business is reported to have agreed to acquire between 35 and 50 stores, via the newly set-up RVP Holdings vehicle.
Poundworld, owned by private equity firm TPG Capital since 2015, collapsed in June, triggering 250 store closures and 4,000 job losses.
All Poundworld stores will still close, but, the Henderson transaction is due to close next week and it is anticipated that stores will begin to reopen thereafter.
"We are delighted to have agreed the purchase of Poundworld and we now look forward to bringing the company back to profit and provide current and new customers with an unrivalled product offering at low prices," David Henderson said.