Poundland set for ‘restructuring' after takeover by Gordon Brothers
Poundland is set for a 'restructuring' process after the high street discount chain was sold to investment firm 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'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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The Sun
44 minutes ago
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Chocolate lovers rush to Aldi as supermarket launches £3.99 dupe of viral ‘Dubai chocolate'
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Top Gear
an hour ago
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BYD Dolphin Surf Review 2025
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an hour ago
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'We're going to run pilots and demonstrate we can massively reduce the marginal cost of repairing potholes, and then provide that as a blueprint for everybody,' he said. Audits of council finances will be replicated at the national level if Reform wins the Welsh or Scottish parliament elections next year. 'We're going to bring that to every corridor of power that Reform wins,' Yusuf said. Reform has come under criticism from political rivals for the manner of its audits. Opponents have said Nigel Farage's party will have few areas to make cuts because many council spending commitments are based on statutory requirements to deliver services. There have also been two by-elections announced for Reform councillors elected in May, leading critics to claim they are a waste of taxpayers' money. After a return to Reform last week 48 hours after he resigned as chairman, Yusuf confirmed he was 'very open' to standing as an MP and said being in parliament 'allows you to have greater impact'. He left open the possibility of vying to be Farage's pick for a potential future chancellor and said he would 'leave such decisions to him'. Yusuf was unfazed by the fact that Reform raised less than the Conservatives, Labour and the Liberal Democrats in the first quarter of the year. He stressed that much of the party's income was from £25 membership fees and added about some perspective donors: 'Some of them are, I think, a bit deluded in thinking that the cadaver of the Conservative Party might somehow be resuscitated.' Some Tory MPs are in discussion with Reform about potentially defecting, Yusuf said, but he warned that their time was running out. He said the party would need some people with experience of working in government and taking on 'the blob' in Whitehall but 'the bar is extremely high … Why would we want a Johnny-come-lately in 2028-29 when we've got amazing people who are completely new to politics'. Kent county council was contacted for comment.
