Poundland's former owner offers to invest as minister prepares to meet board
Summary
Poundland founder Steve Smith says he would invest in the retailer, which faces administration after its owner stopped funding it. Business Minister Kate Dearden plans to meet senior executives as the company seeks a rescue deal by Thursday, with up to 12,000 jobs at risk.Key Facts
- Steve Smith founded Poundland in 1990 and left the business in 2006.
- Smith said he had tried to contact owner Gordon Brothers and would invest if given the opportunity.
- Gordon Brothers bought Poundland from Pepco last year for £1 and has stopped funding the business.
- Gordon Brothers rejected a takeover offer from Ireland's Martin Property Group.
- Poundland is seeking a rescue deal by Thursday; up to 12,000 staff could be affected.
- Business Minister Kate Dearden is expected to meet senior Poundland executives later this week.
- Poundland operates 600 stores in the UK and Ireland.
- Smith said recent sales were up 11.2% on the same period last year.
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