FIGHT FOR POUNDWORLD

telegraph 300px - FIGHT FOR POUNDWORLD

Poundworld is on the brink of being snapped up by either Flacks Group

US private equity house Flacks Group and Alteri Investors, the former owner of Austin Reed, are vying to take control of the loss-making discount chain. The two companies have emerged as the most likely buyers after owner TPG put the business up for sale, The Sunday Telegraph understands. The sale process led by Deloitte had attracted a number of bidders, but it is understood that Alteri Investors and Flacks Group now both consider themselves in prime position to strike a deal. Flacks Group is based in Miami, Florida, and specialises in buying distressed businesses. Turnaround group Alteri is backed by private equity firm Apollo Management and briefly owned Austin Reed before it collapsed in 2016. US-based TPG had been attempting to rescue Poundworld from its precarious financial position by pursuing a company voluntary arrangement (CVA), before deciding to sell. Under the CVA plans, TPG was looking to cut away 100 shops from the ­retailer’s 355-strong store estate, putting hundreds of jobs at risk. West Yorkshire-based Poundworld, which also owns the Bargain Buys brand, serves more than two million customers and employs 5,500 staff. It is among a clutch of retailers that have been scrambling for lifelines amid tougher trading on the high street. Mothercare, Carpetright and New Look have all secured CVAs, which ­allow companies to shut down underperforming stores and secure deep discounts on rents. House of Fraser plans to axe up to half of its 59 UK stores later this month, but fears are growing that landlords may reject the proposals. Deloitte, Alteri Investors and Flacks Group declined to comment.

Mergermarket

ZIPPEL ACQUIRED BY FLACKS GROUP FROM SUGINO MACHINE

Zippel acquired by Flacks Group from Sugino Machine

Flacks Group, the Florida-based industrial holding company, has acquired Zippel, the Germany-based cleaning machines maker, from Sugino Machine, the Japan-based...
The Sunday Times

INTERVIEW WITH MICHAEL FLACKS

Michael Flacks is on the prowl for hotels, properties, shopping centres and so on

Having snapped up the retailer A-wear, Michael Flacks is on the prowl for hotels, properties, shopping centres and anything else...
Irish Examiner

A-WEAR FG MOVES INTO RETAIL

460 jobs saved as A-Wear bought …

The former Brown Thomas-owned company — which operates 32 stores in the Republic — went into receivership on Wednesday evening,...
02B

FG DEPOSITS 28M INTO ESCROW

The Flacks Group has deposited 28 million

Michael Aubrey Flacks, managing director of Flacks Group, is the only one of the seven suitors that has deposited the...
Data settings information and management
By clicking on an item, another link on the website or Accept, you agree to the use of cookies and other technologies to process your personal data (e.g. IP address) to enhance and personalise your experience across eBay's portfolio of brands, including eBay or third-party advertising tailored to you, on and off our sites. Additionally, third-party companies, who we partner with, may store cookies on your device and use similar technologies to collect and use certain information for advertising personalisation, measurement and analytics.
privacy & policy accept