Private equity group TPG has put British discount chain Poundworld up for sale after receiving expressions of interest, prompting it to put a planned restructuring of the group on hold, a person familiar with the matter said on Saturday.

Poundworld had been due to launch a restructuring to enable it to close some stores as it battles a tough retail environment, but the source said that process had now been put on hold while TPG considers possible bids.

Poundworld says it serves over 2 million customers a week through its more than 350 stores around the country. TPG bought a majority stake in 2015 in Poundworld, which competes with rival group Poundland and other discount groups.

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