Poundland files for administration affecting 12,000 jobs

Summarised from 2 outlets · Updated 29 Oct, 14:18 · Archive

Discount retailer Poundland has filed to appoint administrators, threatening around 12,000 jobs across its 600 stores.

Poundland has filed a notice of intention to appoint administrators on Thursday afternoon, threatening around 12,000 jobs across its approximately 600 stores nationwide. The filing gives the business 10 working days of breathing space from creditors to attempt to secure a potential rescue deal.

Poundland's managing director, Barry Williams, described the situation as "unexpected, unwanted and wholly avoidable" in a memo to staff. The company has stores across the country, including eight in Norfolk and two in Norwich.

The filing comes after owner Gordon Brothers rejected a takeover offer from Irish real estate firm Martin Property Group. Management had previously named Martin Property Group as their preferred bidder earlier this month. Gordon Brothers, which acquired Poundland last year for £1, launched a formal sale process for the retailer at the start of September.

How it is being reported

• Major chain with two stores in Norwich to appoint administratorsHigh street discounter Poundland has filed to appoint administrators, threatening the future of around 12,000 workers.Norwich Evening News · 29 Oct, 13:54
• Hundreds of jobs in Norfolk at risk as major chain files for administrationHigh street discounter Poundland has filed to appoint administrators, threatening the future of around 12,000 workers.Eastern Daily Press · 29 Oct, 13:49

In this story: Poundland · Gordon Brothers · Martin Property Group · Barry Williams · Norfolk · Norwich

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log