Poundland set for ‘restructuring' after takeover by Gordon Brothers
Pepco Group, which has owned Poundland since 2016, said it has completed the sale of the business for a 'nominal' fee.
It comes after an auction by Poland-based Pepco to sell Poundland after a sharp downturn in trading over the past year.
Poundland runs more than 800 stores across the UK (Mike Egerton/PA)
Poundland's more-than-800 stores and roughly 16,000 employees will be transferred to the ownership of Gordon Brothers, which owns brands including Laura Ashley, as a result.
However, as part of the deal, Poundland is set to undergo a restructuring plan. Poundland said the details will be communicated 'in due course'.
Stephan Borchert, Pepco Group chief executive, said: 'This transaction will strongly support our accelerated value creation programme by simplifying the group and focusing on our successful Pepco business.'
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