Buyer secured for Poundworld intellectual property

Buyer secured for Poundworld intellectual property

The intellectual property assets of collapsed Wakefield-based retailer Poundworld have been acquired from administrators by a Leeds-based business which is targeting the opening of hundreds of new stores.

88m Group said it planned to open 250 stores in 2019 throughout the UK and Europe, and 100 stores per year on an ongoing basis. Options are also being explored for expansion in the Far East.

Based at Park Square West in Leeds, the 88m Group has a commercial property portfolio which includes business centres, self-storage units, eco homes, high street banks and supermarket outlets.

A spokesperson for the joint administrators confirmed that a sale of the Poundworld intellectual property assets to New Money Ltd took place on 26 October 18.

Administrators from Deloitte were appointed to Poundworld Retail Ltd in June when the business operated from 335 stores and employed about 5,100 people.

However, a buyer could not be secured for the business and, following a series of closures in July, the retailer's remaining stores ceased trading in August.

The intellectual property assets of discount retailer Poundworld – including its brand names, websites and social media pages – were put up for sale in September.