Poundworld founder Chris Edwards, who sold the business in 2015, says the company’s demise is down to bad management practices rather than Brexit, current high-street conditions or the weak pound.
Mr Edwards started Poundworld on a Wakefield market stall in 1974 and built it into a leading high street brand, with more than 300 stores across the UK, selling a vast range of products that were all priced at a pound.
Mr Edwards recently tabled a deal to save 186 stores, along with 3,000 jobs, but his offer was rejected by the administrator.
He said: “ After we sold the business it became very badly managed and I raised my concerns with the new owners on many occasions, but it fell on deaf ears.
READ MORE: Poundworld to close 25 stores
“The new owners made expensive decisions that the business couldn’t take.”
TPG and Deloitte declined to comment.