Poundland Wins 10-Day Reprieve After Gordon Brothers Releases £19m
Updated
Updated · BBC.com · Nov 12
Poundland Wins 10-Day Reprieve After Gordon Brothers Releases £19m
3 articles · Updated · BBC.com · Nov 12
Summary
£19 million released from Poundland’s accounts has given the discount chain about 10 more days to find a buyer before a midnight deadline, easing the immediate risk of collapse.
Gordon Brothers had frozen roughly £50 million, leaving Poundland unable to restock shelves or cover wages and rent across its 600 stores ahead of Christmas trading.
MPs intensified pressure after questioning Gordon Brothers, with committee chair Liam Byrne accusing the firm of prioritising returns over jobs and stores; the owner denies trying to force a breakup.
Three bids remain on the table, but Gordon Brothers has rejected them so far even as Poundland management points to 11.4% like-for-like sales growth and an £18.1 million annual profit recovery.