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Daily Mirror
16-05-2025
- Business
- Daily Mirror
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.
Daily Mirror
05-05-2025
- Business
- Daily Mirror
Poundland closing two stores this week with four shutting for good in May
One site earmarked for closure this week is Poundland's branch in Liverpool's Belle Valle shopping centre with the shutters set to be pulled down on May 6. Another Poundland site is set to close even more stores this month in a blow to the high street - with two shutting for good this week. One site earmarked for closure this week is Poundland's branch in Liverpool's Belle Valle shopping centre. The shutters will be pulled down for good on May 6. A spokesperson for Poundland said the decision came after it was served notice on the lease. They added: "We know how disappointing this will be to customers and colleagues. Whenever we have to close a store in these circumstances, we do all we can to look for other opportunities for colleagues and that work is now underway. "We'd like to thank customers at Belle Vale for their support – and look forward to welcoming them at our other stores across Merseyside." A second Poundland site will be closing this week, with the retailer's St George's Centre in Gateshead, Kent, pulling down its shutters this Wednesday, May 8. Another Poundland store in Brackla, Wales, will follow suit on May 24. The new closure comes just days after the retailer closed its Clapham Poundland branch in London on May 2. The move means the closest Poundland store for the west Londoners will be its Southside Shopping Centre branch in Wandsworth. On the closures, a Poundland spokesperson said: "Poundland operates from over 800 locations across the UK and Ireland and wth so many outlets, it will be no surprise that we constantly review our store portfolio as leases expire or come up for renewal." 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. Sign up to Mirror Money's newsletter for the latest advice and news From universal credit to furlough, employment rights, travel updates and emergency financial aid - we've got all of the big financial stories you need to know about right now. At the time, Pepco Group said it was examining 'all strategic options' to potentially separate Poundland, which has 850 stores, from the wider group. The Polish group said it might turn its focus to its more profitable businesses in Europe. In its announcement, it also warned that its underlying earnings would come in at between 50 million euros and 70 million euros (£41.9 million and £58.6 million) as sales remained in "negative territory" over January and February. Pepco previously warned that the hikes to employer National Insurance Contributions (NICs) and national minimum wage introduced in April would "significantly" add to its costs. Full list of Poundland sites closing in May Clapham Junction - May 2 Liverpool Belle Vale Shopping Centre - May 6 St George's Centre in Gravesend - May 8 Brackla, Wales - May 24 Join Money Saving Club's specialist topics
