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UPDATED: Poundworld founder could rescue firm from administration

Poundworld
Poundworld

The founder of the discount retailer Poundworld, which has stores in Halifax and Brighouse, could save the company from administration by purchasing back some of its stores.

The firm entered administration after talks with a potential buyer collapsed, putting the retailer’s 5,100 jobs at risk.

The local stores, based on Southgate in Halifax and King Street in brighouse, are two of 335 owned by the company.

It is thought they have been hit by a decrease in footfall, rising costs and weak consumer confidence.

But founder Christopher Edwards, 67, who sold the firm in 2015, is looking for outside investors to help him buy back some stores, and says he will try to renegotiate the company’s debts if he is successful.

He also said the business would only survive for two more weeks if a buyer is not found.