Newstalk
Newstalk

07.18 10 Aug 2018


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The British discount retailer Poundworld has been purchased by an Irish family for an undisclosed sum.

David Henderson - whose family was behind Ireland's original low-cost retailer, Poundworld - confirmed their offer has been accepted by administrators Deloitte.

This will see the family purchase "the best and remaining stores", according to a statement.

The Hendersons have formed a new UK entity, RVP Holdings Limited, to operate the business there.

David Henderson said: "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".

Ray Henderson founded Poundworld in Ireland in 1984 and sold it in 2007. He continues to work in the Irish retail sector.

His son David, who has experience in the retail sector in Ireland and the USA, led the negotiations.

Poundworld UK was bought by US TPG Capital in 2015 for stg£150m (€167.6m) and went into administration in June.

It has already closed over 250 stores, resulting in the loss of 4,000 jobs.

Poundworld turned over nearly stg£500m (€558.8m) in 2017 - with 6,000 employees across 337 stores.

The company opened its first shop back in 1990.


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