Business secretary writes to Poundland owner as administration fears build
Source: The Guardian ·
Jonathan Reynolds has written to Gordon Brothers, which bought retailer for £1 last summer, to ‘establish the facts’The business secretary has written to the owner of Poundland amid fears that the cut-price retailer could collapse into administration, threatening to overshadow John Healey’s budget.Sources said that Gordon Brothers, the US investment firm that bought the 600-store Poundland chain…
From the source
The business secretary has written to the owner of Poundland amid fears that the cut-price retailer could collapse into administration, threatening to overshadow John Healey’s budget. Sources said that Gordon Brothers, the US investment firm that bought the 600-store Poundland chain for £1 last summer, looks set to appoint administrators to the struggling retailer. Jonathan Reynolds has written to Gordon Brothers to establish the latest situation at the company, which employs 12,000 staff. The company rejected the only bid to take on the group – which includes the 50-store Dealz chain in Ireland – as a solvent company in its entirety, from Northern Ireland’s Martin Property Group, earlier this week. It is understood Gordon Brothers is poised to file a notice of intention to appoint the advisory firm AlixPartners as administrator, potentially as early as Wednesday. Three independent directors appointed to help oversee a sale have quit amid disquiet over the move towards insolvency.…