Poundland files to call in administrators, putting 12,000 jobs at risk after its US owner rejected a rescue bid
Gordon Brothers blocked the one bidder willing to take on all 600 stores, putting 12,000 jobs at risk over its demand for full repayment of a £30 million shareholder loan.
Business Secretary Jonathan Reynolds has called on Gordon Brothers to account for itself after the US investment firm turned down a management-backed rescue offer from Irish company Martin Property Group, forcing the administration filing. Barry Williams, Poundland's managing director, told staff the crisis was "unexpected, unwanted and wholly avoidable," and laid the blame on Gordon Brothers for cutting off access to day-to-day funding once the deal fell through. The filing grants Poundland a creditor standstill of 10 working days while the company searches for buyers for portions of the business.
Gordon Brothers acquired Poundland for a nominal £1 in June 2025, then required the buyer to absorb a £30m inherited loan — a figure Martin Property Group was willing to pay only £5m towards upfront.
Three independent Poundland directors quit this week in protest at Gordon Brothers' refusal to accept the management-backed bid.
Retail magnate Chris Dawson of The Range, B&M, Lidl and Poundstretcher are among those said to be eyeing parts of the broken-up chain.
