DLA Piper takes lead role as Poundworld enters administration with more than 5,000 jobs at risk
Restructuring and insolvency team from DLA's Leeds office acting for discount retailer
June 11, 2018 at 06:33 AM
2 minute read
DLA Piper is acting for Poundworld as the discount retailer today (11 June) joined the ever-growing list of high street brands to enter administration, putting 5,100 jobs at risk.
Poundworld has confirmed that efforts to find a buyer for the business have failed after it filed a notice of intention to appoint an administrator last Thursday (7 June), giving it temporary protection from its creditors.
The retailer, which has 355 stores across the UK, is owned by private equity firm TPG Capital, which also owns restaurant chain Prezzo. In March, Prezzo announced a company voluntary agreement (CVA) that will see the closure of 94 branches.
A restructuring and insolvency team from DLA's Leeds office is acting for Poundworld, led by corporate restructuring partner Richard Obank. Deloitte has been appointed administrator.
Poundworld chief executive Gerry Grey stepped down in December, citing personal reasons.
Last week, House of Fraser announced plans to close more than half of its 59 stores, with 6,000 jobs under threat. In May, Legal Week revealed that Freshfields was advising the department store chain. Bryan Cave Leighton Paisner (BCLP) is currently advising about a dozen landlords on a potential legal challenge to the proposed CVA deal.
Earlier this month, Carluccio's became the latest in a string of high-profile retail restructurings to hit the high street, with Ashurst, Travers Smith and Addleshaw Goddard taking roles on the proposed deal.
Earlier this year, DLA Piper also acted for UK grocery wholesaler Bestway's pre-pack acquisition of drinks chains Wine Rack and Bargain Booze.
DLA was contacted for comment.
Photo credit: Betty Longbottom
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