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Poundworld looking at store closures

Poundworld Andover

Poundworld has become the latest retailer to consider store closures and rent reductions as it looks to enter a CVA next month.

Sky News has learnt that Poundworld is expected to announce proposals for a Company Voluntary Arrangement (CVA) during the first half of May. If that happens it is likely to look at closing around 100 stores.

The Gov.uk website say that if your limited company is insolvent, it can use a CVA to pay creditors over a fixed period. If creditors agree, your limited company can continue trading.

Carpetright entered a CVA earlier this month with notices of store closures with Andover not on the list.

Poundworld have been contacted but at the time of publishing have not issued a statement.

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