Henderson Family Pulls Out Of Deal To Acquire UK Poundworld Stores
The proposed deal for the Henderson family to buy the struggling discount retailer Poundworld has collapsed, according to the Irish Times.
Deloitte, the administrators brought in to help Poundworld source a buyer, said that the Irish family only agreed a “deal in principle” earlier this month.
It was believed that the Henderson family would acquire up to 50 stores from the administrators, and has since collapsed over a dispute around potential closures.
The Times report that the family are even preparing a letter of complaint to the Institute of Chartered Accountants over how Deloitte handled the negotiations.
Deloitte understood that the deal was for 34 stores, and has recently confirmed that the deal would no longer go ahead. It declined to comment about any letter of complaints.
The Henderson family’s negotiations were led by David Henderson, whose father Ray once founded an Irish chain with the same name, but had no relation to the UK chain.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.