Poundzone in administration

The parent of discount retailer Poundzone has gone into administration. RSW Group has appointed David Costley-Wood and Ian Green of PricewaterhouseCoopers as administrators. Acquired by RSW in July 2003, Poundzone operates 27 general stores throughout the North of England.

A statement from the group said: '[The stores] have not performed as envisaged and this, along with difficult market conditions in discount retailing as a whole, have contributed to the directors requesting the appointment of administrators.'

Eleven stores will close immediately, with the remainder continuing to trade while a buyer is sought for the business. The stores selected for closure are at Altrincham, Birkenhead, Cardiff, Coalville, Crewe, Doncaster, Easterhouse, Hull, Preston, Scarborough andWrexham.