Second buyer makes rescue bid for Poundland as retailer faces collapse
Summary
Xyra Group has made a rescue offer for Poundland, proposing to pay £12.5 million of the retailer’s £30 million loan immediately and defer the rest. The bid comes as owner Gordon Brothers considers offers amid the risk of collapse, which could affect 12,000 Poundland employees and suppliers.Key Facts
- Xyra Group is offering to take over the whole business.
- Xyra’s offer would immediately repay half of Poundland’s £30 million loan, with the balance deferred.
- Gordon Brothers rejected an earlier bid from Ireland’s Martin Property Group.
- Gordon Brothers bought Poundland for £1 last June.
- Business Secretary Jonathan Reynolds held talks with Gordon Brothers about the retailer’s future and urged it to protect staff.
- Gordon Brothers said it would prioritize offers that protect jobs and preserve value.
- It is unclear whether Xyra would keep Poundland intact or break up the company.
- Poundland founder Steve Smith said the collapse could affect up to 30,000 people, including workers at suppliers that rely on the retailer.
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