Flacks confirms Poundworld interest – US-based private equity Flacks Group’s head of European acquisitions, Russell Goldman, has confirmed to this news service that the group is looking into buying Poundworld. Flacks, Alteri, backed by Apollo Management, and Poundstretcher owner Aziz Tayub were mentioned on 3 June in news reports, which cited no sources, as looking to bid for the struggling TPG-owned discount retailer. Other bidders were in the mix “a few weeks ago,” Goldman said, but the field has since narrowed to Flacks and Alteri, with the former “in a good position” to acquire the company. Poundworld has struggled with the broader UK high street, has negative earnings and is on the brink of insolvency. Flacks wants to “save a majority of jobs” there, though it needs one-third fewer stores, Goldman said. Similarly, Alteri’s plan would close 100 of its roughly 300 stores and lay off 1,500 of its 5,300 workers, it was reported. Given the experience Flacks’ team has within the retail sector, the company believes it can deliver the supply chain improvements and cost controls necessary to turn Poundworld around, he added. Poundworld and Alteri did not respond for comment. by Deane McRobie in London

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