Poundland sold for 'nominal fee' as restructuring looms in major new deal
Poundland is set for a 'restructuring' process after the high street discount chain was sold to investment firm Gordon Brothers.
The retailer - which has 825 stores in the UK and employs aruond 16,000 people - announced the deal today. Last month, Poundland's owner, Pepco Group, said it was considering a possible sale of the UK budget retailer after warning of 'more difficult' trading conditions. This included the rise in employer National Insurance Contributions (NICs) and the National Minimum Wage in April.
At the time, the Polish group - which has owned the brand since 2016 - said it was examining 'all strategic options' to potentially separate Poundland from the wider group so it could turn its focus on more profitable areas.
Pepco Group says 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'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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