Poundland founder warns that the chain's collapse could cost 30,000 jobs as bosses race to find a rescue deal

Poundland founder Steve Smith has warned that the chain's collapse could eliminate up to 30,000 jobs — more than double the 12,000 people directly employed by the retailer — as bosses have just ten days to secure a rescue deal after Thursday's filing of a notice of intention to appoint administrators.

Smith, who launched the business from a market stall in Bilston, sold his remaining shares in 2006 for £250m.