Deadline for Submitting Bids Set for September 20, 2018.
GLASGOW, England, Sept. 12, 2018 /PRNewswire/ -- Hilco Streambank is soliciting offers for the intellectual property assets of Poundworld Retail Limited (in Administration) ("Poundworld" or the "Company"), including the Poundworld brand.
Clare Boardman and Daniel Butters of Deloitte LLP were appointed as Joint Administrators of the Company on 11 June 2018 and have instructed Hilco Streambank to market the intellectual property assets of the Company for sale on behalf of the Joint Administrators.
Poundworld was one of the UK's leading discount retailers, and specialised in selling a variety of items primarily for a fixed price of £1. The Company was founded in 1974 when it began as a market stall under the name "Bargain Centre". From there Poundworld grew significantly, operating over 300 stores in the UK and generating over £485m ($624m) in revenue at its peak. The Company developed a number of well-known brands in addition to Poundworld, including multi-price discount retailer Bargain Buys, and popular discount wholesaler Discount Wholesale.
Hilco Streambank Director Nat Baldwin explained, "Poundworld is one of the most recognisable retail brands in the UK, and historically held a strong presence in the UK high street with over 300 stores at its peak, and 280,000 social media followers. The Company also possesses a number of digital assets and organisational knowledge. Not only has Poundworld become a household name on the high street, it also featured regularly on television screens after becoming the centre of the popular UK reality show, Pound Shop Wars." Pound Shop Wars was a phenomenon in the UK when it first appeared on BBC One in 2012. The show ran until 2015 and amassed over 5.5 million concurrent viewers at its peak, widely expanding the market reach of Poundworld and similar discount stores.
Poundworld is the latest in a string of retail closures in 2018, including Toys"R"Us, and Mothercare's plan to close 60 stores by June 2019. Baldwin, however, believes there is value to be realised in the Poundworld brand, "The discount store market has often seen significant growth during periods of distress, such as the 2008 financial crisis. With uncertainties in the UK surrounding Brexit and its planned departure from the EU, consumers are likely to once again rely on discount stores to meet their retail demands. Poundworld not only has an established brand to leverage in this sector, but a number of well-developed web platforms and domain names that can be used to tap into the ecommerce market."
Parties interested in learning more about the Poundworld intellectual property assets should contact Hilco Streambank directly using the contact information provided below. Visit the Hilco Streambank website for more information regarding the Poundworld intellectual property assets.
About Hilco Streambank
Poundworld is the latest in a long line of high profile sales managed by Hilco Streambank's European division, including the sale of Monarch Airlines' intellectual property assets earlier this year. Poundworld further strengthens Hilco Streambank as the leading provider of intellectual property asset valuations and dispositions in the UK. Internationally, Hilco Streambank is a market leading advisory firm specialising in intellectual property disposition and valuation. Having completed numerous transactions including sales in publicly reported Chapter 11 bankruptcy cases, private transactions, online premium domain sales and IPv4 transactions through IPv4Auctions.com, Hilco Streambank has established itself as the premier intermediary in the consumer brand, internet and telecom communities. Hilco Streambank is part of Northbrook, Illinois-based Hilco Global, a worldwide financial services company and leader in helping companies maximize the value of their assets.
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About the Administration of Poundworld Retail Limited
Clare Boardman and Daniel Butters of Deloitte LLP were appointed as Joint Administrators of Poundworld Retail Limited on 11 June 2018. Despite an extensive marketing process being undertaken prior to, and immediately following, the appointment of Administrators it was not possible to achieve a full or piecemeal going concern sale of the business.
Further details on the Administration and sale of business process can be found in the Joint Administrators' Statement of Proposals dated 6 August 2018:-