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Tag: Alteri

Poundworld closes in on rescue sale to Alteri

Poundworld closes in on rescue sale to Alteri

Business
A former owner of Austin Reed is closing on a rescue deal for Poundworld, the troubled bargain retailer, at the start of a month which could determine the future of more than 20,000 high street workers. Sky News has learnt that Alteri Investors, which is backed by the private equity giant Apollo Management, is finalising the terms of a takeover of Poundworld.A deal could be struck for a nominal sum with TPG, Poundworld's current owner, and the retailer's lenders by the middle of next week, sources said on Saturday.As currently envisaged, it would be structured as a solvent takeover with all creditors being protected, they added.If the deal does happen, Alteri is expected to launch almost immediately a restructuring programme that will lead to the closure of more than 100 Po...