Uncertain future for South Yorkshire Poundworld staff as administrators reportedly called in

Staff at numerous Poundworld stores across South Yorkshire face an uncertain future as the company is reportedly on the verge of falling into administration.

By The Newsroom

Published 11th Jun 2018, 10:51 BST

Updated 19th Jun 2018, 10:32 BST

The company employs about 5300 people nationwide and with 11 stores in South Yorkshire there could be dozens of jobs at risk.

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After buyout firm Alteri Investors walked away from a rescue deal, Poundworld's owner TPG Capital said it was in talks with other potential buyers.

It is now understood that talk with potential buyer RCapital have collapsed over the weekend.

There has previously been speculation that Poundworld was going to axe 100 shops but if the budget store goes into administration, it means all of its 355 shops face potential closure.

Poundworld has been losing cash for the past two years. Losses reportedly jumped to £17.1million in 2016 to 2017, from £5.4m the year before.

We have contacted the company for comment and are awaiting a reply.

South Yorkshire