Poundland owners install restructuring experts as sale looms
Summarised from 3 outlets · 4 reports · Updated 15 Oct, 14:51 · Archive
Poundland's owners have appointed three directors including restructuring experts as a sale or administration is expected within days.
Poundland's majority owner Gordon Brothers has appointed three new directors to help oversee the discount retailer as a sale is expected within days. The appointments come as the firm, which acquired Poundland only last year, launched a sale process in recent weeks. Gordon Brothers and minority owner Pepco have drafted in Andrew Kirkpatrick, Stephen Welch and Dominic Young to bring 'additional M&A transaction and industry experience' to the business.
Kirkpatrick was previously an adviser to Steinhoff International, the South Africa-based former owner of Poundland. Welch is a restructuring expert who previously worked as a director at the Telegraph and is currently chairman of fintech firm FNZ. Young is a former director of the Spectator magazine's parent company.
Three businesses remain in talks to buy the whole operation. These include Irish real estate firm Martin Property Group, which Poundland boss Barry Williams told staff earlier this month would be the preferred partner for any management buyout. CDS Superstores, which owns The Range, has reportedly emerged as a contender to buy parts of the business. Billionaire retail tycoon Chris Dawson, who acquired Wilko and Homebase operations in the past two years, is also considering a deal.
A deal could be struck as early as next week, according to reports. Sky News Business suggests that if a sale does not materialise, the retailer could file for administration.
How it is being reported
- Poundland drafts in new directors as sale talks intensifyPoundland has appointed Andrew Kirkpatrick, Stephen Welch and Dominic Young as directors.Evening Standard · 15 Oct, 15:37
- Poundland drafts in new directors as sale talks intensifyPoundland has appointed Andrew Kirkpatrick, Stephen Welch and Dominic Young as directors.Independent Business · 15 Oct, 14:29
- Poundland drafts in new directors as sale talks intensifyPoundland has appointed Andrew Kirkpatrick, Stephen Welch and Dominic Young as directors.Evening Standard · 15 Oct, 14:29
- Poundland owners parachute in directors amid crunch sale talksThe owners of ailing Poundland are parachuting in a trio of restructuring experts to its board ahead of a sale or filing for administration which is expected within days.Sky News Business · 15 Oct, 10:42
In this story: Poundland · Gordon Brothers · Pepco · Andrew Kirkpatrick · Stephen Welch · Dominic Young · Barry Williams · Chris Dawson
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