Poundworld goes into administration - but no stores are closing for now

The budget retailer, which has over 300 stores, has appointed Deloitte to handle its administration.

Poundworld will continue to trade while a buyer for all or part of the business is sought.  There are no redundancies or store closures at this time.

We've asked if return rights will change, or if vouchers will still be valid, and we'll update this story when we hear back.

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'The retail trading environment remains extremely challenging'

Clare Boardman, joint administrator, comments: “The retail trading environment in the UK remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business.

"Unfortunately, this has not been possible. We still believe a buyer can be found for the business or at least part of it and we are keeping staff appraised of developments as they happen.  We thank all employees for their support at this difficult time.”