UK government to press Poundland-owner over retailer's future
Ministers say Gordon Brothers must explain why it rejected a rescue offer as talks continue over a break-up sale that could protect jobs.
- 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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UK government to press Poundland-owner over retailer's future
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 [...]
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