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Poundland owner seeking jobs-saving solution for UK discounter

By Reuters News

LONDON, Nov 5 (Reuters) - The US owner of Poundland is trying to find a solution for the troubled British discount retailer that preserves as many jobs as possible, it said on Thursday.

  • “We are pursuing all avenues through the sale process to find a solution which protects as many jobs as possible and preserves value," a spokesperson at Gordon Brothers on the Poundland sale process said

  • They said work was continuing at pace with "active discussions on offers with interested parties"

  • Last Thursday, Poundland, which trades from more than 600 stores in the UK and Ireland, employing about 12,000, filed a notice of intention to appoint administrators, giving the business 10 working days to find a rescue deal

  • Gordon Brothers' stewardship of Poundland, which it purchased last year for a nominal £1 from Warsaw-listed Pepco Group PCOP.WA, has come under scrutiny

  • The spokesperson defended its ownership, saying when Gordon Brothers acquired the business, it was in distress, required a radical restructure, urgent operational change and significant funding, which it provided

  • The UK government has said it wants to see an outcome that protects as many jobs as possible and keeps as much of the business trading as possible

  • Poundland operates a distribution centre in Prime Minister Andy Burnham's Makerfield constituency in northwest England


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