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UPDATE: Uncertain future for South Yorkshire stores as Poundworld is placed into administration

Poundworld.
Poundworld.

Staff at numerous Poundworld stores across South Yorkshire face an uncertain future after the company called in administrators.

It has been confirmed this morning that Daniel Butters and Clare Boardman, restructuring partners at Deloitte, have been appointed as joint administrators to Poundworld Retail Limited.

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The company employs about 5100 people at 335 stores nationwide.

With 11 of these stores in South Yorkshire there could be dozens of jobs at risk.

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.

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Clare Boardman, joint administrator, said: "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.”

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Poundworld has been losing cash for the past two years. Losses reportedly jumped to £17.1million in 2016 to 2017, from £5.4m the year before.

There are four Poundworld stores in Sheffield, three in Doncaster, two in Rotherham and two in Barnsley.