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Tesco Holds Talks to Buy Up to 150 Poundland Stores
Advisers are weighing a break-up sale as Poundland faces administration, with around 11,000 workers at risk and buyers circling for stores.
- Tesco has entered discussions to acquire up to 150 Poundland stores as the struggling discount retailer faces an imminent break-up. Britain's largest supermarket chain approached the owner about purchasing roughly a quarter of its UK and Ireland outlets.
- Poundland filed a notice to appoint administrators last Thursday, putting the future of roughly 11,000 workers at risk. The filing provides 10 working days of breathing space from creditors to secure a potential rescue deal.
- Other retailers have also expressed interest in the sites. Poundstretcher owner Fortress is eyeing as many as 250 shops, while Iceland, Lidl, and CDS Superstores—owner of Wilko and The Range—are in the frame to acquire locations.
- Poundland bosses are scheduled to meet Government ministers later this week amid concerns the retailer will be broken up. This follows rejection of a solvent takeover bid from Martin Property Group last month.
- Owner Gordon Brothers, which bought the retailer for £1 last year, previously oversaw a turnaround program that shuttered more than 100 shops. The firm rejected a bid from Martin partly over a £30 million loan repayment requirement.
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27 Articles
27 Articles
Wilts & Gloucestershire Standard+6 Reposted by 6 other sources
Tesco in talks to buy up to 150 Poundland stores as break-up looms, reports
Tesco has held talks to buy up to 150 Poundland stores in the UK as the discount chain faces administration and a potential break-up amid rival bids.
·Stroud, United Kingdom
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Jenrick lends support to Poundland suitors
Reform UK’s economic spokesman Robert Jenrick has revealed he is supporting potential bidders for discount retailer Poundland as he criticised the group’s “greedy” owner Gordon Brothers for pushing the business towards insolvency. Over the weekend, Jenrick suggested the government should intervene in the possible insolvency of Poundland, which would put some 12,000 jobs at risk, [...]
·London, United Kingdom
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Oxford Mail+3 Reposted by 3 other sources
Tesco 'in bid to buy' UK high street giant
Tesco has held talks in a bid to buy up to 150 shops of a high street favourite amid the impending break-up of the discount chain.
·Oxford, United Kingdom
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Coverage Details
Total News Sources27
Leaning Left3Leaning Right0Center20Last UpdatedBias Distribution87% Center
Bias Distribution
- 87% of the sources are Center
87% Center
13%
C 87%
Factuality
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