The planned deal that would see Ireland's Henderson family acquire part of the UK-based Poundworld portfolio has fallen through, according to reports.
The Irish Times reported on the collapse of the deal, citing a miscommunication between the administrators of the chain, Delotte, and the Henderson family.
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, rather than a full agreement.
Miscommunication
It was anticipated that the Henderson family was to acquire as many as 50 stores from the administrators, however this deal has fallen through due to a dispute over potential closures, according to the paper.
The Irish Times notes that the family are preparing a letter of complaint to the Institute of Chartered Accountants over how Deloitte handled the negotiations.
Deloitte has confirmed that the deal will no longer go ahead. It declined to comment about any letter of complaint, according to the paper.
The Henderson family’s negotiations were led by David Henderson, whose father Ray once founded an Irish chain bearing the Poundworld name, which bore no relation to the UK chain.
Earlier this week, frozen foods retailer Iceland confirmed that it was to acquire 19 former Poundworld stores from the administrator.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
