Poundland is shutting three stores this month as it announces new closure
Discount chain Poundland said the store in Copdock Mill Interchange in Ipswich was closing after it was unable to agree new terms with the site owner
Poundland has announced another store closure. The budget retailer is shutting its Copdock Mill Interchange site in Ipswich on May 20.
The discount chain said the store was closing after it was unable to agree new terms with the site owner. Shoppers have been reacting to the news on social media, with one person saying: "Best one in town."
A spokesperson for Poundland said: "Our Copdock Mill store will close on 20 May as we've been unable to agree terms that would allow us to keep trading there.
"We'd like to thank customers for their continued support – we look forward to welcoming them to our store at the Sailmakers centre in Ipswich."
James Cartlidge, South Suffolk MP, told East Anglian Daily Times: "I'm always sorry to hear about shops closing locally but Rachel Reeves has introduced huge taxes on businesses, and has talked down our economy which has unfortunately led to these kind of closures."
Sadly, this isn't the only Poundland store that will be pulling down the shutters over the next few weeks. Its Brackla, Wales, store will close on May 24, and its Chiswick High Road branch will shut for good on May 28.
It comes after the discount chain shut its Clapham Poundland branch in London on May 2, while its Liverpool Belle Valle shopping centre store closed on May 6, followed by its store in St George's Centre in Gateshead, Kent, which pulled down the shutters on May 8.
It comes after Poundland put itself up for sale and hired advisory firm Teneo to oversee the process. A spokesman for Pepco Group confirmed the news to The Mirror. Poundland has more than 800 branches in the UK.
They said: 'As stated at our capital markets day on March 6, we are actively exploring separation options, including a potential sale, for the Poundland business. We have started to work with advisers to support us with this process.'
Sources separately told The Telegraph that a number of Poundland stores could be closed if the chain is sold. Pepco warned underlying earnings will come in at between €50million and €70million (£41.9 million and £58.6 million) down from €153million in 2023/24.
The company blamed a 'challenging' UK retail landscape, along with changes announced in the Budget, including higher National Insurance contributions for employers and an increase in the minimum wage.
The earnings threshold for when employers start paying National Insurance will also be lowered from £9,100 per year to £5,000. At the same time, minimum wage will rise by 6.7%.
For someone aged 21 and over, minimum wage will rise from £11.44 an hour to £12.21 an hour, while those aged 18 to 20 will see their rate rise from £8.60 an hour to £10 an hour.
If you're under 18 or you're an apprentice, minimum wage is rising from £6.40 an hour to £7.55 an hour.
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