Poundland on the Brink as Owners Reject Rescue Bid
Poundland has filed a notice of intention to appoint administrators after its US owner, Gordon Brothers, cut off funding and rejected a takeover offer from Martin Property Group. The notice gives the chain 10 days to find a rescue deal, with 12,000 jobs at stake. “This is a deeply worrying time for Poundland staff and their families,” Andy Burnham said.
Burnham said he and the Business Secretary wanted to know why the MPG offer, which would have protected jobs, had been turned down. “We stand ready to support the workforce however we can,” he said. Managing director Barry Williams told staff that the owner had pulled funding despite strong sales. The threat comes just as the Budget asks retailers to absorb a 3.9% minimum wage rise in April. Ministers can lean on the owners, but they have few direct levers.