An Irish retail family, the Hendersons, has reached an agreement in principle to acquire collapsed British discount retailer Poundworld.

In 1984, the Hendersons opened Ireland’s original Poundworld store, which is not related to the UK retailer.

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Poundworld, a 335-store retailer owned by private equity group TPG Capital, went into administration in June after failing to find a suitable buyer.

The company closed more than 250 stores, affecting around 5,100 employees, while closure of the remaining locations was scheduled to take place on 10 August.

As part of the deal, the Hendersons made an offer to buy around 50 of the best remaining stores for an undisclosed sum to Deloitte, the administrators of Poundworld.

The family confirmed that the bid has been accepted in principle by the administrator.

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“We now look forward to bringing the company back to profit and provide current and new customers with an unrivalled product offering.”

David Henderson was quoted by media sources as saying: “We are delighted to have agreed the purchase of Poundworld and we now look forward to bringing the company back to profit and provide current and new customers with an unrivalled product offering at low prices.”

A host of retailers in the UK are struggling due to multiple factors, including stiff online competition, the impact of Brexit on the pound, inflation, and reduced consumer spending.

Some of the affected retailers include department store chain House of Fraser, Maplin, and Toys R Us.

While Maplin and Toys R Us went into administration in February, House of Fraser collapsed into administration last week.

Mike Ashley’s Sports Direct International has announced the acquisition of House of Fraser for £90m.