Poundland owner secures two extra weeks to ensure retail chain’s survival
Summary
Poundland has secured a 10-working-day extension of legal protection from creditors while its owner, Gordon Brothers, considers bids for the retailer. The owner said it would release funds to cover this month’s payroll and support trading while discussions continue with three bidders for the whole business and other retailers interested in parts of it.Key Facts
- Poundland operates 600 stores in the UK and Ireland and employs about 12,000 people.
- The High Court approved the extension on Thursday, giving the company more time to pursue a sale.
- Gordon Brothers said it is discussing a sale of the whole business with three parties and has received offers for significant parts of it.
- Gordon Brothers said it would release funds for this month’s payroll and ongoing trading.
- Gordon Brothers confirmed it had provided £85 million in financing, in addition to a £30 million shareholder loan.
- Documents provided to MPs showed Gordon Brothers had received close to £20 million in interest payments and fees since acquiring Poundland.
- Gordon Brothers said the company would have become insolvent in August 2025 without its financing.
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