Poundworld entrepreneur Chris Edwards is considering buying back part of the value retailer’s business following its collapse into administration yesterday.
Edwards, who in 2015 sold Poundworld to private equity giant TPG for £150m, told BBC Radio 5 Live he believed the chain could be saved with new management.
No deal has yet been struck but administrator Deloitte is trading all stores at present as it attempts to find a buyer for all or part of Poundworld.
Edwards said that Poundworld’s management had “not adjusted” to rising cost pressures, caused by the weaker pound, and had “lost their profit margin”.
He maintained that the introduction of multi-price products after 20 years of single-price selling was a mistake.
He has been negotiating to buy stores for the past six weeks but needed the help of outside investors to support him.
He said: “I will know within two weeks if I can save the business. If no buyer is found by then, the firm will go to the wall.”