Latest news with #GordonBrothers
Rhyl Journal
11 hours ago
- Business
- Rhyl Journal
Rhyl and Prestatyn Poundland shops set to avoid closing down
Poundland unveiled its 'recovery plan' in June, following its acquisition for just £1 by Gordon Brothers. This included proposals to close 68 of its shops in the UK – but the company has now confirmed that there are no plans to cease trading at the following locations: A Poundland spokesperson said yesterday (July 21): 'None of these Welsh stores are on our closure list. 'Over time, we expect to have around 650-700 stores in our store network, compared to circa 800 today. 'But we have no plans to close any of these stores as part of that programme.' Poundland shut another of its North Wales shops, in Flint, last month. It also plans to reduce its chilled food offer, and to simplify its digital presence. Barry Williams, managing director of Poundland, said: 'It's no secret that we have much work to do to get Poundland back on track. 'While Poundland remains a strong brand, serving 20million-plus shoppers each year, our performance for a significant period has fallen short of our high standards and action is needed to enable the business to return to growth. 'It's sincerely regrettable that this plan includes the closure of stores and distribution centres, but it's necessary if we're to achieve our goal of securing the future of thousands of jobs and hundreds of stores. 'It goes without saying that if our plans are approved, we will do all we can to support colleagues who will be directly affected by the changes.'
North Wales Chronicle
11 hours ago
- Business
- North Wales Chronicle
Holyhead Poundland shop to stay amid 68-store closure plan
Poundland unveiled its 'recovery plan' in June, following its acquisition for just £1 by Gordon Brothers. This included proposals to close 68 of its shops in the UK – but the company has now confirmed that there are no plans to cease trading at the following locations: A Poundland spokesperson said yesterday (July 21): 'None of these Welsh stores are on our closure list. 'Over time, we expect to have around 650-700 stores in our store network, compared to circa 800 today. 'But we have no plans to close any of these stores as part of that programme.' Poundland shut another of its North Wales shops, in Flint, last month. It also plans to reduce its chilled food offer, and to simplify its digital presence. Barry Williams, managing director of Poundland, said: 'It's no secret that we have much work to do to get Poundland back on track. 'While Poundland remains a strong brand, serving 20million-plus shoppers each year, our performance for a significant period has fallen short of our high standards and action is needed to enable the business to return to growth. 'It's sincerely regrettable that this plan includes the closure of stores and distribution centres, but it's necessary if we're to achieve our goal of securing the future of thousands of jobs and hundreds of stores. 'It goes without saying that if our plans are approved, we will do all we can to support colleagues who will be directly affected by the changes.'
Scottish Sun
a day ago
- Business
- Scottish Sun
Poundland confirms closing dates for THREE Scots stores as 25 to shut across UK
SHUTTERS DOWN Poundland confirms closing dates for THREE Scots stores as 25 to shut across UK Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) THREE Poundland branches across Scotland are set to close down following a major restructuring effort. The bargain retailer will shutter a total of 25 stores in the UK in August. Sign up for Scottish Sun newsletter Sign up 2 Three Poundland stores in Scotland are set to close down next month Credit: Alamy Ten stores will shut on August 10 while 15 will close their doors for good on August 17. And three of those are in locations across Scotland. It comes after a restructuring plan was launched in June to close 68 stores. The chain was sold to investment firm Gordon Brothers, the former owners of Laura Ashley, for £1. The retailer had previously been owned by Polish company Pepco Group since 2016. Poundland's store in Port Glasgow, which is located in the Gallagher Shopping Park, is set to close on August 10. Earlier this month, department store Matalan lodged plans for a new branch in the unit currently occupied by the Inverclyde shop. Two more branches in Broxburn, West Lothian, and Perth will shut down a week later on August 17. Staff at the branches earmarked for closure were told in June, Poundland confirmed. Darren MacDonald, retail director, said: "It is of course, sincerely regrettable that our recovery plans include any store closures, but sadly that's necessary if we're to achieve our goal of securing the future of thousands of jobs and hundreds of stores. Poundland to be sold for JUST £1 as frontrunner for shock takeover is revealed after wave of store closures "While our anticipated network of around 650-700 stores remains a sizeable one, we entirely understand how disappointing it will be for customers when one nearby, closes. "Nevertheless, we look forward to continuing to welcome them to a nearby Poundland. "It goes without saying that we will work closely with colleagues through a formal consultation process in stores scheduled to close, exploring any suitable alternative roles. That work is underway." Poundland, owned by the Pepco Group, was sold for "just £1" in June as part of a deal struck with investment fund Gordon Brothers. The ex-owner of Laura Ashley agreed to buy the discount chain for the nominal fee as it said it would move forward with a major restructuring plan. This included pumping £80million of financing into Poundland. Later that month, Gordon Brothers laid out the details of the restructuring plan, which included closing 68 stores and negotiating rent reductions at a number of other locations. The firm is also getting rid of frozen food products across all stores where they're currently sold and reducing the number of chilled food items sold.
The Sun
2 days ago
- Business
- The Sun
Bargain UK retail chain with 700 stores is shutting doors to ‘super' branch for good in just HOURS
ONE OF Britain's favourite budget chains is shuttering a popular branch for good in just a few hours. The bargain retailer has more than 700 stores across the country, and shoppers are gutted to see more branches close. 2 2 Poundland is closing even more stores across the UK, with some closing in a matter of hours. One of these is the Stratford store on Bridge Street, which is set to shut tomorrow. Shoppers in Stratford were devastated to see the shop close, and some even took to social media to express their dismay. One gutted shopper said: " another one! "Won't be much left on Bridge Street at this rate." Another customer raised concerns about the 'super' shopping assistants: "The staff are super in that store, I hope they find jobs quickly." A third responded: "Another empty unit! Sad!" One angry resident slammed the area as a "ghost town" following the closure: "Stratford for shopping went down the pan years ago, this just adds to the ghost town it's becoming." Other shoppers simply put 'shocked' emojis. The store was taken on by the Gordon Brothers in 2025 and announced that a few sites would be closed during a major reshuffle. Poundland to be sold for JUST £1 as frontrunner for shock takeover is revealed after wave of store closures However, the Bridge Street branch closure was not initially part of the wave of closures. The store is being forced to close after the company failed to reach a deal to stay at the location. A spokesperson for Poundland said: 'Poundland expects to have a store network of around 650-700 stores in the UK & Ireland compared to around 800 today which includes combining two locations into one, where we're able. 'While that remains a very sizable number of stores, we know how disappointing it is for customers when a location like Stratford stops trading, and we look forward to welcoming customers to our close-by Retail Park store. They explained that the Stratford store was not one of those and neither was the shop at the Maybird Shopping Centre, but its closure was related to not being able to agree terms that would allow them to keep trading there. The spokesperson added: 'We're obviously disappointed we haven't been able to agree terms that would allow us to keep the store open. "It goes without saying that we are formally consulting with colleagues at the store and that work is underway.' Unfortunately for Poundland fans, the Stratford branch isn't the only store in the firing line. Port Glasgow follows suit on August 10, and Whitby will shut for good on September 3. A closing-down sale is now underway at the Newark store, while signs announcing the closure have appeared at the Pontypool branch, which will shut on September 7. The Merry Hill store in Dudley already shut its doors on July 18, followed by the Telford branch yesterday. Poundland is set to close its Cowes branch on the Isle of Wight on July 30, with its Newquay shop set to close on August 1. The closures are part of a major overhaul after the retailer was bought by Gordon Brothers for just £1 earlier this year. The bargain chain has said up to 68 stores will close, with another 150 at risk as it cuts down from nearly 800 sites. Plans include scrapping frozen food sections, removing online shopping, and increasing womenswear and seasonal ranges. Seventeen shops have already shut since March 2024, including locations in Maidenhead, Surrey Quays and Clapham Junction. Once the closures are complete, the company expects to operate between 650 and 700 stores. The Polish-owned Pepco Group had previously run Poundland since 2016, but auctioned it off in March. Shoppers have flocked to stores offering big closing-down discounts, picking up bargains before the shutters come down. Customers are being urged to check whether their local branch is affected as closures continue into September. A total of 24 stores will shut once the remaining closures have taken place: Connswater Shopping Centre, Belfast – closed March 2024 Macclesfield – closed August, 2024 Maidenhead – closed October, 2024 Sutton Coldfield – closed October, 2024 Clapham Junction Station, London – closed May 2 Belle Vale Shopping Centre, Liverpool – closed May 6 St George's Centre, Gravesend – closed May 8 Southwark Park Road – closed May 14 Copdock Mill Interchange, Ipswich – closed May 20 Newport, Wales – closed May 24 Chiswick High Road – closed May 28 Filton Abbeywood – closed May 31 Surrey Quays – closed June 11 Barrow Dalton Road - closed June 12 Union Gate, Bristol - closed June 20 Flint - closed June 21 Colchester - closed St Marks Place Newark - unknown Telford - closed July 1 Stratford-upon-Avon - July 21 Newquay - closing July 30 Cowes, Isle of Wight – closing July 30 Newquay - August 1 Whitby - September 3 Pontypool - September 7 Inverclyde - unknown Barry Williams, managing director of Poundland said: 'It's no secret that we have much work to do to get Poundland back on track. "While Poundland remains a strong brand, serving 20m-plus shoppers each year, our performance for a significant period has fallen short of our high standards and action is needed to enable the business to return to growth. 'It's sincerely regrettable that this plan includes the closure of stores and distribution centres, but it's necessary if we're to achieve our goal of securing the future of thousands of jobs and hundreds of stores. "It goes without saying that if our plans are approved, we will do all we can to support colleagues who will be directly affected by the changes.' RETAIL PAIN IN 2025 The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion. Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April. A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024. Three-quarters of companies cited the cost of employing people as their primary financial pressure. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
Zawya
5 days ago
- Business
- Zawya
Gordon Brothers launches its largest ever solar inverter private treaty sale
Gordon Brothers, the global asset experts, has launched its largest ever private treaty sale of solar inverters, including over 5,000 brand-new units. This unique opportunity follows the closure of Solar Supply, a solar equipment supplier located in Sweden, and offers a significant volume of premium solar technology assets from its stockpile for immediate purchase. The available inventory includes solar inverters and accessories from leading European and international manufacturers such as Fronius, Goodwe, Growatt, SolarEdge and Sungrow. 'This is an exceptional opportunity for solar installers and renewable energy businesses to access a large volume of high-quality, unused solar inverters at some of the most competitive prices in the market,' said Bryn Carroll, Director Industrial at Gordon Brothers. 'With potential ongoing challenges in OEM supply chains, this sale allows businesses to secure inventory now, whether single items or large-scale quantities of solar inverters and accessories, to future-proof their operations and meet growing demand without delay.' The available assets include but are not limited to: 1,063 Fronius string type inverters ranging from 3.7kW–20kW 830 Goodwe string type inverters, ranging from 6kW–100kW 1,960 Goodwe hybrid type inverters, ranging from 6.5kW–10kW 59 Growatt string type inverters, ranging from 17kW–175kW 149 SolarEdge string type inverters, ranging from 4kW–25kW 1,291 Sungrow string type inverters, ranging from 6kW–17kW Additional available accessories include various connectors and smart meters. Interested buyers are encouraged to explore the online asset listings on their website. Viewings can be arranged by appointment, with all items stored in Karlshamn, Sweden, and international shipping options are available for both individual units and bulk orders. Gordon Brothers leverages decades of experience buying, selling, operating and valuing assets in the industrial economy across North America, Europe, the Middle East, Africa and Asia Pacific. -Ends- Media Contacts: IHC: Grant King grant@ Gordon Brothers: Lauren Nadeau lnadeau@ About Gordon Brothers Since 1903, Gordon Brothers has maximised liquidity through realisable asset value by providing the people, expertise and capital to solve business challenges. Our solutions-oriented approach across asset services, lending, financing and trading gives clients the insights, strategies and time to optimise asset values throughout the business cycle. We work across the full spectrum of assets globally with deep expertise in retail, commercial, industrial, brands and real estate. We are headquartered in Boston with over 30 offices across North America, Europe, the Middle East and Africa, and Asia Pacific.
