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Poundstretcher acquires Alworths

Published: 6 May 2011
Value retailer buys collapsed Alworths chain, with 15 of its stores and majority of staff to join the Poundstretcher group.
Poundstretcher, which operates 320 stores across the UK, acquired the Alworths business for an undisclosed sum from administrators Leonard Curtis.

The value chain, which specialises in discount homewares, electrical goods and pet care will take on 15 of Alworth's 17 stores, reopening four of the outlets that were closed during the administration, including Didcot and New Milton. The two remaining outlets, in Evesham and Llandudno, the latter of which closed in March, were not included as part of the deal.

Administrator Neil Bennett said: "We are delighted to announce that we have completed the sale of the Alworths business and 15 of the 17 stores placed in administration at the end of March this year. We successfully traded the stores for five weeks and had a lot of interest in the business from the start, resulting in the sale to Poundstretcher. We are delighted that the majority of the 235 jobs across the whole company have been saved and 15 of the stores have joined the Poundstretcher chain.

He added: "This is a particularly good result: for us, for the employees of the business, the creditors of the Alworths company, and for the British high street. We wish the staff and the customers of all these stores the very best."

Alworths called in administrators on March 28, although the future of the firm had been uncertain since founder Andy Latham stepped down in February and was replaced as sole director by chartered accountant and insolvency specialist Robert Schneiderman.

The retail chain, which emerged from the collapse of Woolworths and stocked a similar offer, posted a turnover of £7.5m for the year to December 2010.


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