However, the discount retailer has a restructuring plan that it hopes will save it from store closures and redundancies.

Poundstretcher has almost 300 stores and 3,000 staff across the UK.

It was bought by US investment firm Fortress, which also owns Majestic Wine, in 2024 for an undisclosed sum.

In March, the company revealed plans to ask landlords to slash rents across its store estate as it looked to secure its long-term future, but insisted it would not be shutting shops or cutting jobs.

Poundstretcher is reportedly seeking urgent support to avoid administration, putting about 300 U.K. stores at risk. Richard Tice said the pressure reflects wider strain on the high street and blamed Labour policies for worsening trading conditions.

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At a hearing on Wednesday, lawyers for the company said that if a restructuring plan was not approved, it would have “insufficient funds” to meet its funding need of £2.8 million, which is due in the week beginning June 28.

This sum would increase to £9.7 million in the week commencing July 26.

In written submissions, Tom Smith KC, for Poundstretcher, said: “In those circumstances, the directors of the plan company will likely have no choice but to file for administration.

“In the administration, the administrators are anticipated to continue trading for a limited period while available liquidity is used to support a sale of the stock… ”

He said that the purpose of the restructuring plan was to restore Poundstretcher to “financial stability” and to enable them to “implement the turnaround business plan”.

The hearing in London was what is known as a “convening hearing”, where barristers ask for a judge’s permission to convene meetings of a company’s creditors to vote on the restructuring plan.

Mr Smith also told the court that since 2020, “the group’s performance has continued to deteriorate due to subdued customer confidence, rising operating costs and inflationary pressures”.

He said: “In light of its financial difficulties, the plan company has prepared the turnaround business plan, alongside Teneo, whom the plan company engaged as financial advisors, with the aim of avoiding administration and restoring the group to profitability.”

Mr Smith said that this involved “shifting the product mix of the plan company to include more well-known household brands” and “optimising the plan company’s store portfolio, by opening stores on a selective basis in locations with higher footfall”.

In a ruling, Mr Justice Hildyard said he was “content” that the matter should proceed to the meetings with the creditors on May 26.

If they vote in favour of the scheme, the plan is set to return to the High Court to be approved by a judge at a “sanction hearing” scheduled for June 4.

What did Poundstretcher say about store closures?

A spokesperson for Poundstretcher said: “We welcome today’s court decision that allows our plan to proceed.

“Our plan is focused on strengthening Poundstretcher’s long-term position and creating a company that can grow in the years ahead.

“There are no planned store closures or redundancies and our stores continue to welcome customers throughout this process.

“Our priority remains serving customers across the UK.”

Will you be sad to see Poundstretcher close? Let us know in the comments

VIOOH has partnered with Abode Media to add the residential digital out-of-home network to its programmatic marketplace, expanding its reach across premium housing locations in the UK.

Abode Media operates more than 250 screens in over 230 residential buildings across London, Manchester and Birmingham. The network delivers more than 60 million monthly impressions and focuses on interior screens in high-traffic areas of premium residential properties.

The agreement gives advertisers using VIOOH access to inventory in apartment and residential buildings, a part of the out-of-home market that remains less developed than traditional roadside, retail and transit formats. Positioned to reach residents as they leave home and return, the screens offer repeated exposure during daily routines.

Residential media has attracted advertisers looking for new ways to reach affluent urban audiences in settings with less competition for attention than public spaces. Abode Media’s estate is concentrated in higher-value buildings and is designed to reach consumers where they are likely to see messages at the start and end of the day.

The partnership adds central London coverage and broadens the range of locations available through VIOOH’s trading platform. VIOOH operates in 37 markets and works with more than 50 demand-side platforms globally, giving media buyers access to digital out-of-home inventory through automated transactions.

Residential expansion

The addition of Abode Media reflects a wider move in digital out-of-home towards more specialised, venue-based networks. As more advertisers shift spending to programmatic buying, operators of smaller or more targeted estates are seeking distribution through larger marketplaces that connect them to agency and trading desk demand.

For Abode Media, the partnership provides access to buyers using programmatic tools to plan and book campaigns across multiple screen networks. That could make residential inventory easier to include in broader out-of-home and omnichannel media plans, particularly for campaigns aimed at urban consumers with higher spending power.

Abode Media describes residential buildings as a proximity channel that can support brand and purchase messaging close to moments of decision-making. It also says the format allows advertising to sit alongside building communications and community messaging in shared spaces.

Its footprint in London, Manchester and Birmingham gives the network a presence in three of the UK’s largest out-of-home advertising markets. Interior screens in residential settings differ from many traditional formats because they are viewed by a recurring audience rather than passers-by alone, potentially increasing frequency for advertisers seeking regular contact with the same households.

Market access

Programmatic digital out-of-home has become a larger part of the media buying mix as advertisers seek flexibility in planning, targeting and activation. Supply-side platforms such as VIOOH act as intermediaries between media owners and buyers, making inventory available through automated systems rather than solely through direct sales.

In the UK, that shift has brought a wider range of screen types into programmatic trading, from transport hubs and shopping centres to gyms, offices and residential blocks. The partnership with Abode Media adds another venue type to that mix as media owners try to demonstrate the value of more context-specific placements.

Gavin Wilson outlined the rationale for the deal. “Our partnership with Abode Media represents further expansion of our programmatic marketplace, offering brands access to premium central London locations through a uniquely agile and flexible media owner. Its strategic coverage provides advertisers with exceptional opportunities to reach diverse London-centric and internationally travelling audiences. Its new-generation approach to flexibility and responsiveness perfectly complements VIOOH’s real-time trading capabilities,” said Gavin Wilson, Global Chief Commercial Officer, VIOOH.

James Withers outlined Abode Media’s view of the opportunity in residential screens. “We’re very excited by our new partnership with VIOOH, which opens up genuine possibilities for brands to connect with a unique audience in premium locations. Our screens are situated at a key priming location for brands to take advantage of an audience engaging in multiple lifestyle activities. They are the first and final OOH messages seen each day by our residents, or at important moments of craving, decision-making and active shopping,” said James Withers, Head of Agency Sales, Abode Media.

Foxway Circular UK has won a King’s Award for Enterprise in Innovation for its SMART software platform, placing it among 185 organisations recognised nationally.

SMART is a cloud-based system for managing Microsoft Windows licensing on refurbished technology devices. It automates licence injection and device preparation, allowing refurbishers to prepare machines without complex infrastructure while meeting Microsoft Out-of-Box Experience standards.

The award highlights a longstanding challenge in the secondary technology market. Companies refurbishing used computers and other devices must ensure software is legitimate, secure and consistent before resale to corporate and public sector buyers. Licensing has been a particular hurdle, as buyers want refurbished machines to arrive ready to use and compliant with requirements.

Launched in 2022, SMART is now used by more than 800 refurbishers in over 50 countries. Its users range from smaller independent operators to global IT asset disposition providers, reflecting broad demand for systems that support higher volumes of refurbished hardware.

The platform operates within the Microsoft Authorised Refurbisher market, where approved participants need access to valid digital licensing as part of the refurbishment process. In that environment, software handling has become central for companies trying to scale used-device resale while avoiding compliance failures.

Market pressure

Demand for refurbished technology has grown as organisations look to cut costs and reduce waste from short device replacement cycles. Businesses are also under pressure to show progress against environmental targets by extending hardware lifespans and limiting landfill disposal, while still meeting internal standards for security and reliability.

That has created an opportunity for service providers that make refurbished equipment easier to buy and deploy. For sellers of second-life hardware, a key commercial challenge is offering devices with certification, warranty cover and a condition that meets buyer expectations for workplace use.

Foxway argues that SMART helps refurbishers build trust by standardising part of the preparation process. It linked the award to the wider role of refurbishment in the circular economy, where the commercial value of used devices depends on whether they can be returned to service in a compliant way.

Martin Series described the company’s view of the award and the market need behind SMART.

“This is a significant milestone for Foxway Circular UK Ltd and the teams behind SMART. SMART was designed to remove complexity and enable refurbishers to operate with confidence, compliance and scale. As demand for refurbished technology grows, this kind of infrastructure is essential to building trust and unlocking the full potential of the circular IT market,” said Martin Series, Senior Director, Global Solutions, Foxway Circular UK Ltd.

The King’s Awards for Enterprise are among the UK’s best-known business honours, recognising achievement across categories including innovation. For Foxway, the award gives public recognition to a software product rather than its core hardware refurbishment activity alone, underscoring how the resale market increasingly depends on process and software as much as logistics and repair.

Refurbishment focus

The circular IT market has expanded beyond simple resale of used machines. Larger buyers now often expect traceability, standard configuration and assurance that products have been restored to a defined specification before purchase. That has increased the importance of platforms that create repeatable workflows for fleets of devices.

In practice, that matters for IT asset disposition companies and channel partners handling retired corporate equipment at volume. If those operators can process machines more consistently, they can return stock to the market faster and reduce the risk that usable devices are scrapped because software preparation is too slow or uncertain.

Foxway said SMART was built around those operational issues. Ben Daniels said the award recognised not just the business but also the firms using the system in day-to-day refurbishment work.

“This award means a lot, not just to us here at Foxway, but to all the refurbishers we work with every day. SMART was built around the challenges they face, so to see that recognised at this level feels like a win for the whole refurbishment community,” said Daniels.