Poundland owner continues sale talks as retailer’s future remains uncertain

Business · First reported 5 Nov, 07:52 · Updated 01:37

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Gordon Brothers says it is still discussing offers for Poundland after the retailer sought protection from creditors while pursuing a rescue. Ministers have met with company executives, as the future of stores and jobs remains uncertain.

Gordon Brothers said it remains in active discussions with potential buyers and is seeking an outcome that protects jobs and preserves value.
Poundland filed a notice of intention to appoint administrators last week, giving it 10 working days to seek a rescue before it could enter insolvency.
Gordon Brothers and Poundland executives held separate meetings with ministers on Wednesday about the retailer’s future.
Andy Burnham urged the owners to find a practical way to keep stores open and save jobs, and said the government was prepared to consider how it could help.
The Guardian reports several named potential bidders and describes possible effects on suppliers; the Standard focuses on the owners’ statement, ministerial meetings and Burnham’s appeal.

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Key facts

Administrator notice: Poundland filed a notice of intention to appoint administrators last week, providing 10 working days to seek a rescue.
Owner: Gordon Brothers bought Poundland last year for £1.
Staff count: The reports give differing figures: about 12,000 staff in The Guardian and roughly 11,000 workers in The Standard.
Ministerial meetings: Gordon Brothers and Poundland executives separately met ministers on Wednesday.
Potential offers: The Guardian reports offers of about £7.5 million upfront plus deferred payments from Martin Property Group, and a reported £12.5 million offer from Xyra Group Holdings.