Burnham urges Poundland owners to find solution to save stores

Summarised from 2 outlets · 6 reports · Updated 4 Nov, 22:10 · Archive

Prime Minister Andy Burnham has called on Poundland's US owners Gordon Brothers to work with Government to save the chain after it filed notice to appoint administrators.

Poundland filed a notice to appoint administrators last week, putting the future of its roughly 11,000 workers at risk. The retailer's US-based owners, Gordon Brothers, bought the company last year for £1 and launched a sale process at the start of September.

Prime Minister Andy Burnham has called on the owners to work with Government to find a 'practical solution' that saves jobs and stores. Business Secretary Jonathan Reynolds is set to meet with Gordon Brothers representatives. Burnham said: 'Focus on the people in your employment. Meet with the Business Secretary because we are setting up that meeting. Come up with a practical solution that saves jobs and saves those stores because many of them are viable propositions. They're on high streets. They matter in our communities. There is a solution to be found here.' He added that the Government was 'prepared to find what we can do' to help save the chain.

Advisers remain in talks with multiple parties interested in acquiring the brand and stores. Investment group Xyra recently entered the bidding process, proposing a deal to pay £12.5 million up front. Several major supermarket chains have also expressed interest in purchasing swathes of Poundland's outlets.

Burnham urges Poundland owners to find solution to save stores — Image: Independent Business

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How it is being reported

Burnham calls for Poundland executives to work with Government to save storesThe Prime Minister said ‘there is a solution to be found here’.Independent Business · 4 Nov, 16:04
Burnham calls for Poundland executives to work with Government to save storesThe Prime Minister said ‘there is a solution to be found here’.Independent Business · 4 Nov, 15:25
Burnham calls for Poundland executives to work with Government to save storesThe Prime Minister said ‘there is a solution to be found here’.Evening Standard · 4 Nov, 13:43
Burnham calls for Poundland executives to work with Government to save storesThe Prime Minister said ‘there is a solution to be found here’.Independent Business · 4 Nov, 13:43
Burnham calls for Poundland executives to work with Government to save storesThe Prime Minister said ‘there is a solution to be found here’.Evening Standard · 4 Nov, 13:19
Burnham calls for Poundland executives to work with Government to save storesThe Prime Minister said ‘there is a solution to be found here’.Independent Business · 4 Nov, 13:19

In this story: Andy Burnham · Jonathan Reynolds · Gordon Brothers · Poundland · Xyra · Andrew Brode

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