The Newshound

Poundland suppliers set to halt deliveries and rivals circle to buy stores as 12,000 jobs hang in the balance after administration filing

Suppliers are preparing to halt deliveries to Poundland's 600 stores as the chain faces administration, putting 12,000 jobs at risk after its American owner rejected a management rescue bid.
Suppliers are preparing to halt deliveries to Poundland's 600 stores as the chain faces administration, putting 12,000 jobs at risk after its American owner rejected a management rescue bid.

Suppliers are reportedly preparing to halt deliveries to Poundland and potential buyers are lining up to acquire parcels of stores, as the chain teeters on the edge of collapse following owner Gordon Brothers' filing of a notice of intention to appoint administrators at the High Court. The filing, expected to be approved by a court today, gives Poundland 10 days' breathing space from creditors to secure a deal. Managing director Barry Williams told all 12,000 staff the crisis was "unexpected, unwanted and wholly avoidable."

Gordon Brothers turned down a management-backed rescue bid from Northern Irish firm Martin Property Group because the offer fell short of £30m — and the owner believes breaking up the business will raise more.

Suppliers are reportedly set to halt deliveries as rivals including B&M, Iceland, The Range and Poundstretcher circle to buy parcels of stores.

Potential suitors also include CDS Superstores owner Chris Dawson, known as the 'Del Boy billionaire', with consulting firm AlixPartners lined up to manage the process.

MoreThe IndependentPoundland enters into administration with 12,000 jobs at riskDaily Mail NewsPoundland's future hangs in the balance as chain set to appoint administrators - while potential suitors including 'Del Boy billionaire' Chris Dawson line up to buy ailing chainLBCThousands of jobs at risk with Poundland on brink of administrationThe GuardianPoundland on brink of administration, with 12,000 jobs at riskThe SunPoundland suppliers set to HALT deliveries as chain teeters on edge of collapse with 12,000 jobs at riskBBC News - BusinessPoundland's future hangs in the balance as chain edges towards collapseGB NewsPoundland on brink of collapse as 12,000 jobs and 600 stores put at risk - GB NewsThe MirrorPoundland 'prepares for administration' putting 'thousands of jobs and hundreds of stores at risk'
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