THREE Poundworld stores could be at risk in Bolton after the company appointed administrators yesterday.

Clare Boardman and Daniel Butters, restructuring partners at Deloitte were appointed as joint administrators.

Clare Boardman, joint administrator, comments: “The retail trading environment in the UK remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business. Unfortunately, this has not been possible.

"We still believe a buyer can be found for the business or at least part of it and we are keeping staff appraised of developments as they happen. We thank all employees for their support at this difficult time.”

Poundworld has suffered from high product cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market.

The company has 335 stores, three in Bolton including one in the town centre and one in Breightmet.

No redundancies or store closures have been announced at this time and Deloitte has said it is still looking for a buyer.

It has been reported the company's founder Chris Edwards could buy back 200 or more of the stores which he sold a majority stake of for £150 million in 2015.