Thu, 07 Jun 2018 | BUSINESS SALE
Poundworld's private equity owner TPG has revealed that the firm faces collapse unless a new buyer is found after a potential purchaser backed out of the race to secure the discount chain.
According to reports, Deloitte, which has been responsible for handling the sale of the chain, has also been putting together plans for an administration in case TPG fails to find the right buyer in the near future.
Deloitte has confirmed that a sale via a pre-pack administration could be an option for the company, but this approach would put at risk the jobs of all 5,500 staff members currently working for Poundworld and is currently the least favoured option when it comes to the future of the chain.
Despite concerns over the potential failure of the sales process, TPG initially attempted to rescue the company from its difficult financial situation by pursuing a company voluntary arrangement (CVA), a form of insolvency that would have allowed it to reduce its financial difficulty by closing stores. However, interest from prospective buyers including Alteri suggested a sale may be the more appropriate route.
Following the decision of Alteri to walk away from the sale, the Santander-led sale process has now entered an accelerated phase as TPG seeks to find a new purchaser in a short space of time.
According to The Press Association, a failure at this stage to track down an appropriate new owner could result in the collapse of the firm, with its losses already significantly increased from £5.2 million in 2015-16 to £17.1 million in 2016-17 and set to rise further in the next 12 months.
Extremely attractive and highly profitable sub-Post Office and convenience store which is situated in an unopposed trading position in the highly desirable and village of Feniscowles, in a semi rural surrounding, close to Blackburn Town Centre and wi...
LEASEHOLD
Fantastic opportunity to purchase a busy licensed convenience store. The store is a popular local business located on the busy Moorside Road of Urmston. The business has been well-run by the current owners for twenty years and is now on the market a...
LEASEHOLD
100% of the issued share capital of this long time established Hand/Power tools, bearings, bolts, and welding business. The company provides an efficient, reliable bolts and bearings service in East Anglia. Offers invited.
LEASEHOLD
|
20
|
|
Sep
|
Thomas Cook seeking 'last-ditch' fire sale | BUSINESS SALE
Thomas Cook Group is reportedly trying to piece together a l...
|
19
|
|
Sep
|
Smith & Williamson and Tilney to merge | MERGER
After revealing in August this year that talks were in place...
|
18
|
|
Sep
|
Infrastructure investment manager takes stake in LJLA | BUSINESS SALE
Infrastructure investment management group, Ancala Partners,...
Sign up to receive our acquisition alert emails to get your FREE guide
|
12
|
|
Oct
|
Shopping centre in Northern Ireland for sale at £18m | BUSINESS SALE
Bow Street Mall in Lisburn, one of Northern Ireland's b...
|
14
|
|
May
|
TPG puts Poundworld business up for sale | BUSINESS SALE
Poundworld has officially been put up for sale by its privat...
|
04
|
|
May
|
Jacques Vert owner 'prepares to call administrators' | ADMINISTRATION
Calvetron, owner of fashion brand Jacques Vert and other fas...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources