PM urged to block Poundland's move into administration

Summarised from 2 outlets · Updated 3 Nov, 11:24 · Archive

Poundland faces administration with 30,000 jobs at risk after directors filed notice on 29 October.

Poundland faces administration with 30,000 jobs at risk after its directors filed a notice to appoint administrators on 29 October. The move triggered a 10-day moratorium preventing creditors from calling in debts, giving the company time to seek potential buyers for its stores.

BMI Limited, a major supplier to Poundland that owns pet food brands including Vitagen and Husky, has written to the Government urging intervention. Ravi Madan of BM International said the only "sane outcome" was for Poundland to remain solvent and called on the Government to "prevent a serious abuse" of UK administration laws.

Poundland chief executive Barry Williams told staff that recent trading had beaten expectations, with like-for-like sales rising 11.4 per cent last week after a Halloween boost. Madan argued these figures showed the retailer's US owner, Gordon Brothers, should not push the company into insolvency. A potential sale to Martin Property Group previously collapsed after the company indicated it was unwilling to repay a £30 million shareholder loan upfront.

How it is being reported

• 30,000 jobs on the line as PM urged to block UK brand's administrationThe PM has been urged to block the administration of a major UK high street brand with 30,000 jobs on the line.Oxford Mail · 3 Nov, 10:48
• 30,000 jobs on the line as PM urged to block UK brand's administrationThe PM has been urged to block the administration of a major UK high street brand with 30,000 jobs on the line.Oxfordshire Guardian · 3 Nov, 10:48

In this story: Poundland · Gordon Brothers · BMI Limited · Barry Williams · Ravi Madan · Martin Property Group · UK

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