Poundland files for administration amid rescue talks

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

Poundland has filed notice of intention to appoint administrators, putting around 12,000 jobs and 600 stores at risk.

Poundland has filed notice of intention to appoint administrators, threatening around 12,000 jobs across 600 stores. The filing gives the discount retailer 10 working days of protection from creditors to pursue a potential rescue deal. Managing director Barry Williams told staff the situation was "unexpected, unwanted and wholly avoidable."

The move comes after owner Gordon Brothers rejected a takeover offer from Irish real estate firm Martin Property Group, which management had named as their preferred bidder. Gordon Brothers, which acquired Poundland last year for £1, launched a sale process for the retailer at the beginning of September. Other interested parties reportedly include CDS Superstores, which owns Wilko and The Range, Fortress, owner of Poundstretcher, and Modella, which owns TG Jones. AlixPartners has been appointed to oversee the insolvency process and evaluate offers.

Poundland has already closed more than 100 stores as part of a restructuring plan aimed at stabilising the company. The retailer operates 28 stores across Wales, meaning local jobs are also at risk.

How it is being reported

• Poundland on the brink of collapse with 28 Welsh stores under threat - full listPoundland is reportedly facing an increased threat of collapse, with dozens of Welsh branches now at riskWalesOnline · 29 Oct, 13:41
• Poundland teeters on brink of administration as 12,000 jobs and 600 stores at riskPoundland is on the brink of administration, putting around 12,000 jobs at risk as the future of two stores in Newport remains uncertainSouth Wales Argus · 29 Oct, 12:05

In this story: Poundland · Gordon Brothers · Martin Property Group · Barry Williams · CDS Superstores · Fortress · Wales

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