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Iceland to take on 19 Poundworld stores as Henderson bid falls through

Poundworld Barnstaple 725 x 500

Iceland has agreed to take on 19 empty Poundworld stores, following its collapse into administration in June.

In late July, administrators Deloitte announced that all remaining 230 stores would close by 10th August, claiming that no 'credible bids' had been received.  Founder and former chief executive Chris Edwards bids was angered by this statement, saying that was “shocked and surprised” that his own bid was rejected.

The day of the intended closure, it was revealed that the Hendersons - a Dublin retail family which opened the first Poundworld in Ireland - had offered to acquire the remaining stores, and Deloitte had accepted. 

The deal later fell through and many leases were passed back to landlords. Deloitte stated: “We had an agreement in principle, but the sale didn’t go through,”

“Following the closure of all stores, the administrators are actively seeking offers for the sale of the Poundworld brand and related intellectual property,”.

Once the deal completes, Iceland intends to transform four of the branches into Iceland Food Warehouses and the remainder into standard Iceland stores 

Source : Insight DIY

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24 August 2018

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