POUNDWORLD, which has a store in the Spindles Town Square shopping centre, has gone into administration.

Talks with potential buyer R Capital have broken down, leaving the company which has 355 stores nationwide no option but to call in administrators Deloitte.

Deloitte said the stores will continue to trade and there would be no redundancies yet.

Clare Boardman, joint administrator at Deloitte, said: "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."

No-one was available for comment at Poundworld in Oldham.