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UK government to press Poundland-owner over retailer's future

On Tuesday, the government intensified pressure on US-based Gordon Brothers, demanding the firm explain why it rejected bids to save Poundland, which filed for administration last week.
Gordon Brothers bought the retailer for £1 last year, later injecting £85 million in financing to offset £70 million in losses, but rejected a takeover bid from Martin Property Group last month.
Roughly 11,000 workers face uncertainty as advisers negotiate potential sales of the 600-store chain; Tesco held talks to buy up to 150 sites, while Fortress, Iceland, Lidl, and CDS Superstores also expressed interest.
Business Secretary Jonathan Reynolds and Kate Dearden are demanding clarity on plans, with Dearden accusing owners of "not acting in the best interests" of staff; Shadow business minister Bradley Thomas warned political interference is a failed strategy.
Filing a notice to appoint administrators last Thursday gave the business 10 working days of breathing space to secure a rescue deal, as Mark Newton-Jones said Gordon Brothers is "thoroughly all options.

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17 Articles

Poundland supplier urges 'thorough' state probe into owner's conduct

A senior executive at football manufacturer John Leisure tells Sky News that Gordon Brothers has "very serious questions to answer" if a solvent rescue of Poundland cannot be secured.

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Poundland owner in crunch talks with business secretary as retailer's collapse looms

Gordon Brothers will meet Jonathan Reynolds on Wednesday as the investment firm faces scrutiny over Poundland.

13 hours ago·London, United Kingdom

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Reuters

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UK government to press Poundland-owner over retailer's future

19 hours ago·London, United Kingdom

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cotswoldjournal.co.uk

+3 Reposted by 3 other sources

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Government demands answers as Poundland owner rejects rescue offers amid Tesco talks

US-based Gordon Brothers was also accused by No 10 of not “not acting in the best interests” of Poundland’s UK staff and stores.

20 hours ago

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City AM

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No10: Poundland owner ‘not acting in best interests’ of workers

Poundland owner Gordon Brothers is “not acting in the best interests” of the discount retailer’s staff and stores as it hurtles towards collapse, Downing Street has said. The Boston-based investment firm, which has faced intense criticism over its attempted sale of Poundland, must explain why it has rejected solvent offers to rescue the troubled retailer [...]

22 hours ago·London, United Kingdom

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