Poundland files notice of intent to appoint administrators

Summarised from 4 outlets · Updated 29 Oct, 13:10 · Archive

Poundland has filed a notice of intention to appoint administrators as it seeks a rescue deal.

Poundland has filed a notice of intention to appoint administrators as the discount retailer edges towards administration. The filing gives the business a period of protection from creditors while efforts continue to secure its future.

Eleven stores across Wiltshire, Swindon and Gloucestershire are among hundreds potentially affected by the national crisis. A twelfth store in the region, in Warminster, is already due to close on 21 November after the company failed to reach an agreement with its landlord. That closure was decided separately and is not linked to the potential administration.

Poundland employs around 12,000 people across approximately 600 stores in the UK and Ireland. There has been no announcement that the local branches will close as a result of the latest developments.

Irish real estate firm Martin Property Group was named as the preferred bidder by Poundland's management earlier this month. However, the bid is understood to be unfunded and would involve deferred payments.

Investment adviser Gordon Brothers is assessing several other bids, largely from rival retailers seeking to purchase parts of the Poundland business. Interested parties include CDS Superstores, which owns Wilko and The Range; Fortress, owner of Poundstretcher; and Modella, owner of TG Jones.

Poundland files notice of intent to appoint administrators — Image: This Is Wiltshire

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How it is being reported

Poundland on brink of collapse as future of 11 local stores uncertainThe future of 11 local Poundland stores is uncertain as the discount retailer edges towards administration.This Is Wiltshire · 29 Oct, 11:40
Poundland on brink of collapse as future of 11 local stores uncertainThe future of 11 local Poundland stores is uncertain as the discount retailer edges towards administration.Swindon Advertiser · 29 Oct, 11:40
Poundland on brink of collapse as future of 11 local stores uncertainThe future of 11 local Poundland stores is uncertain as the discount retailer edges towards administration.Gazette & Herald · 29 Oct, 11:40
Poundland on brink of collapse as future of 11 local stores uncertainThe future of 11 local Poundland stores is uncertain as the discount retailer edges towards administration.Wiltshire Times · 29 Oct, 11:40

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

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