No 10 says Poundland owner Gordon Brothers is 'not acting in the best interests' of staff after rejecting rescue bids

Tesco is in talks to buy up to 150 Poundland stores as Gordon Brothers, the US private equity firm that bought the chain for £1 last year, edges it toward break-up with 12,000 jobs at risk.

Gordon Brothers, the Boston-based investment firm that bought Poundland for £1 last year, faces direct Downing Street criticism after rejecting at least two fully-funded rescue offers and filing a notice of intention to appoint administrators, leaving 12,000 jobs hanging. Poundland founder Steve Smith warned that once those jobs are lost, they are lost from Britain's struggling high streets for years.

Gordon Brothers' European boss Mark Newton-Jones blamed the collapse on shoplifting and rising inflation in a leaked letter to the Department for Business.

Tesco has held talks to buy up to 150 Poundland stores, with Lidl, Iceland, B&M and Poundstretcher owner Fortress also circling for sites.

Reform's Robert Jenrick branded Gordon Brothers a 'corporate raider outfit' whose 'greedy' bosses are stripping the business for parts rather than accepting a going-concern bid.

City A.M.Poundland owner ‘not acting in best interests’ of workers, says No10 GB NewsPoundland update: No10 says owners 'not acting in the best interests' of staff as Tesco eyes 150 stores The SunPoundland blames theft and inflation in leaked letter as 10,500 jobs put at risk The GuardianPoundland staff could be out of work for years if retailer collapses, founder says Evening StandardTesco held talks over deal to buy up to 150 Poundland shops City A.M.Jenrick lends support to Poundland suitors Liverpool EchoTesco 'held talks' over buying up to 150 Poundland shops with interest from Lidl, Iceland, B&M and more

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