Business & Technology
Poundstretcher at risk of going into administration
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
Jayden, 13 launched Jay’s Bakes from his home in Taunton Road in Bicester on Saturday, June 20.
His late nan, a keen baker herself, was the inspiration behind his passion, as well as time spent helping his uncle with his catering business.
Over the last 18 months he has honed his skills by preparing sweat treats every day after school.
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Determined to turn his hobby into something more, Jayden spent two and a half months researching requirements, gaining his Level 2 food hygiene certificate and officially registering his business, mostly without adult intervention.
After four days of preparation, the business officially launched.
Customers were treated to a wide selection of homemade goods, including M&M cookies, Kinder brownies, Biscoff cookies, Victoria sponge trays, lemon drizzle cups and viral ‘dot cakes’.
READ MORE: Heatwave: safest spots to cool off in Oxfordshire
His Kinder brownies proved particularly popular, and by the end of the day he had sold out of everything, taking £210.
Despite feeling “excited and a bit nervous” beforehand, Jayden said the opening was a success, with a strong turnout and positive feedback shared on social media.
His favourite moment came when he officially opened the shed by cutting the ribbon.
Supported by his mum, stepdad, grandparents and uncle, Jayden first began selling from a table in May before building and painting his now-signature blue cake shed.
He now plans to continue baking and selling regularly, bringing his creations to the local community.
Lidl has been given planning permission to build its ninth supermarket in Oxfordshire, despite concerns over flooding.
Aldi opened in Didcot in 2015 and has a supermarket at the Jubilee Way roundabout but shoppers in the town have had to wait over a decade for Lidl to follow.
READ MORE: Popular hi-fi shop has closed down
South Oxfordshire District Council has now backed plans by the German retailer for a new supermarket in Abingdon Road.
Former Didcot mayor Mocky Khan said: “This give the residents of Didcot more choice, especially when you consider the cost of living environment we have at the moment.
“The town is growing with more new homes being built, and with more growth it’s good to have a wide variety of supermarkets to fit all budgets,”
The plans for the new supermarket were first submitted in 2024.
Didcot Town Council previously objected to the scheme, on the grounds of a lack of flood risk mitigation measures, along with the county council who said there was “insufficient information”.
The town council noted there are “several flooding incidents in the area, especially when the Marsh Bridge water pumps fail”.
But in a report by planning officers granting permission to the supermarket, those issues have now been addressed by Lidl.
The officers said the proposals “largely accord” with the policies around planning, and more can be done to “break up” the car park with greenery.
Planning officers chose to let Lidl build the new supermarket subject to conditions.
They said in a report: “Balanced against this policy conflict is the fact that this is a previously developed site, which is currently in a dilapidated state.
“The proposals represent a significant improvement on the current underutilisation of the site and on its appearance.
“The National Planning Policy Framework and Local Plan set out significant support for the reuse of previously developed land.
“As stated in the applicant’s planning statement, there have been previous enquiries as to the redevelopment of the site that have not come to fruition.
“Given this, finding a viable use for the site is a clear benefit which I consider to be of substantial benefit.”
Thirty-four residents had objected to Lidl’s plans, highlighting concerns over extra traffic, there being no need for another supermarket in the town and there being more appropriate locations to build in their view.
Didcot already has an Aldi store just off Broadway and a Sainsbury’s, M&S Foodhall and Asda.
The nearest Lidl to the proposed site are in Lupton Road, Wallingford, and Marcham Road in Abingdon.
Three people wrote in to support the new Lidl, recognising the benefits of a discount food store and the further jobs it will create.
Lidl has said its proposals for a Didcot supermarket would deliver 40 full-time equivalent jobs as well as further employment during the construction phase.
No opening date was given by the retailer, while the developer is currently on site progressing with the enabling works.
A spokesman said: “We’ve seen demand for our affordable, high-quality products continue to rise in Oxfordshire, and we are committed to serving more communities in the area.
“Our new store will create around 40 new jobs and build on our continued growth.
“We’re excited to be a step closer to opening this store and thank everyone who has supported us on our journey so far.”
It also said the £12m investment would work with the 6,300 new homes allocated to be built, as per the local plan.
Dalcour Maclaren, a specialist in utilities and infrastructure, announced the news on June 22, following a detailed assessment of its operations, including governance, employee wellbeing, environmental impact, and social responsibility.
James Neil, CEO of Dalcour Maclaren, said: “This is a fantastic achievement for Dalcour Maclaren.
“B Corp status gives us the official badge that recognises everything that matters most to us in our culture, our values, and how we make decisions for our people and our clients. We thrive on doing things differently at DM and B Corp absolutely endorses this.”
The certification means the company meets rigorous standards of social and environmental performance, transparency, and accountability.
Dalcour Maclaren now joins more than 10,000 B Corps worldwide and over 2,600 in the UK, including well-known names such as The Guardian, Innocent Drinks, Patagonia, and The Big Issue.
Chris Turner, CEO of B Lab UK, said: “Welcoming Dalcour Maclaren to the B Corp community is hugely exciting. Its commitment to doing business differently will be an inspiration to others and will help spread the notion that success in business is as much about people and planet as it is profit.”
Dalcour Maclaren operates across the UK and Ireland, supporting major projects in energy, water, transport, and digital infrastructure. The company’s services include land, planning, environment, stakeholder engagement, and geospatial services.
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