Poundland founder would have bought business back
Summary
Steve Smith, the founder of Poundland, tried to buy back the company when it was for sale but missed the opportunity. The business, which has 792 stores in the UK and Ireland, was sold to the US investment firm Gordon Brothers. Poundland plans to close around 70 stores and two distribution centers due to expiring leases and requests for rent reductions.Key Facts
- Steve Smith, who started Poundland, attempted to repurchase the business but was too late.
- He founded the first Poundland store in Burton-upon-Trent in 1990.
- Smith sold his shares in Poundland in 2006 for £250 million.
- Poundland currently operates 792 stores and employs about 16,000 staff in the UK and Ireland.
- The company was recently bought by US investment firm Gordon Brothers.
- Due to lease expirations and rent reduction requests, Poundland might close around 70 stores.
- Two distribution centers, one in South Yorkshire and another in the West Midlands, are marked for closure.
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