Poundland pins rescue hopes on Yorkshire Tea, Pot Noodle and Gloria Gaynor
Summary
Poundland received £21 million from owner Gordon Brothers to restock its shops while it seeks a buyer and continues rescue talks. The chain has until 26 November to find a buyer before its extended protection from creditors expires.Key Facts
- Poundland sent about 16 million grocery items to 600 shops in the UK and Ireland over the weekend.
- Gordon Brothers released £21 million of £50 million after being accused of withholding funds from Poundland.
- Poundland filed a notice of intention to appoint administrators at the end of October.
- A High Court extension gives Poundland until 26 November to find a buyer.
- Poundland said it is discussing a sale with three potential buyers.
- Martin Property Group is Poundland’s preferred bidder, but talks have stalled over repayment terms for a Gordon Brothers loan.
- Poundland’s possible administration has put the jobs of about 12,000 staff and the business of about 2,000 suppliers at risk.
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