Poundland files for administration putting 12,000 jobs at risk

Summarised from 2 outlets · Updated 29 Oct, 17:40 · Archive

Poundland has filed notice to appoint administrators, putting around 12,000 jobs at risk across its 600 UK stores.

High street retailer Poundland has filed notice to appoint administrators, putting approximately 12,000 jobs at risk across around 600 stores in the UK. The notice gives the business 10 working days of breathing space from creditors to secure a potential rescue deal. Poundland's managing director Barry Williams told staff the situation is "unexpected, unwanted and wholly avoidable".

The filing comes after owner Gordon Brothers rejected a takeover offer from Irish real estate firm Martin Property Group, which management had identified as the preferred bidder earlier this month. Gordon Brothers, which acquired Poundland last year for £1, launched a sale process in September. The investment firm has overseen a turnaround programme involving the closure of more than 100 shops over the past year.

Gordon Brothers said other active bids are under consideration, including offers for significant parts of the business from established retail operators. Wilko and The Range owner CDS Superstores, Poundstretcher owner Fortress and TG Jones owner Modella are understood to be interested in purchasing parts of the Poundland business.

How it is being reported

• Poundland plans to appoint administrators, with jobs in Wigan and Leigh among thousands at riskPoundland has shops in Wigan and Leigh, as well as a distribution centre in Ashton.Wigan Today · 29 Oct, 17:06
• Poundland files for administration putting 12,000 jobs at riskA notice to appoint administrators has been filed by the retailer, according to court documentsManchester Evening News · 29 Oct, 13:36

In this story: Poundland · Gordon Brothers · Martin Property Group · CDS Superstores · Fortress · Modella · UK

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