Tesco in talks to buy up to 150 Poundland stores

Summarised from 2 outlets · Updated 2 Nov, 15:51 · Archive

Tesco has held talks over buying up to 150 Poundland stores as the discount chain seeks a rescue deal after filing for administration.

Tesco, the UK's largest supermarket, has held talks with Poundland's owner over buying up to 150 stores as the discount chain seeks a rescue deal following the appointment of administrators. Poundland filed a notice to appoint administrators last week, triggering a ten-working-day window from creditors to secure a potential buyer and staving off a complete break-up of the business. The move puts the future of roughly 11,000 workers at risk.

Several other retailers have expressed interest in acquiring stores. Fortress, owner of Poundstretcher, has shown interest in purchasing as many as 250 shops. Iceland, Lidl, B&M and CDS Superstores, owner of Wilko and The Range, have also indicated they wish to acquire some sites. The sale process was launched around two months ago by Poundland's owner Gordon Brothers, which had acquired the chain for £1 last year.

Poundland's management had previously named Irish real estate firm Martin Property Group as their preferred bidder for a takeover, but Gordon Brothers rejected that offer. Poundland bosses are scheduled to meet Government ministers later this week amid concerns about the retailer's future.

How it is being reported

• Tesco held talks over deal to buy up to 150 Poundland shopsIt comes after Poundland filed a notice to appoint administrators last week, putting the future of its roughly 11,000 workers at risk.Independent Business · 2 Nov, 15:23
• Tesco held talks over deal to buy up to 150 Poundland shopsIt comes after Poundland filed a notice to appoint administrators last week, putting the future of its roughly 11,000 workers at risk.Evening Standard · 2 Nov, 15:23

In this story: Tesco · Poundland · Fortress · Gordon Brothers · Martin Property Group · Iceland · Lidl · B&M

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