Poundland to close stores for restructuring after £1 sell-off

POUNDLAND is to shut dozens of stores after being sold for £1 to investment firm Gordon Brothers.

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The discount chain, which has shops in the city and county, is known for primarily selling products for £1, and had been put on the market earlier this year after a sharp downturn in trading.

Poland-based Pepco Group, which has owned Poundland since 2016, said yesterday it completed the sale of the business for a “nominal” fee. Sources close to the process have said this was £1.

Poundland’s more-than-800 stores and roughly 16,000 employees will be transferred to the ownership of Gordon Brothers, the former owner of Laura Ashley, as a result.

However as part of the deal, the chain is set to undergo a restructuring plan, which will go through the High Court.