Key facts
- Poundland has filed a notice to appoint administrators, putting up to 12,000 jobs at risk.
- Martin Property Group is the only bidder interested in buying the entire chain as a going concern.
- Majority owner Gordon Brothers is understood to believe a breakup would yield more than the Martin offer.
- The union Usdaw urged Gordon Brothers to reconsider and prioritize a unified buyer to protect livelihoods.
- Poundland operates around 600 stores in Britain and Ireland.
Poundland has filed a notice of intention to appoint administrators, a move that puts up to 12,000 jobs at risk. The legal measure provides a 10-day protection period from creditors while a solution is sought. The company's majority owner, Gordon Brothers, is understood to favor breaking up the business, having rejected a rescue bid from Martin Property Group, the only interested party in acquiring the entire chain. The union Usdaw has urged Gordon Brothers to reconsider its stance and prioritize a unified buyer to protect employees' livelihoods. Poundland operates approximately 600 stores across Britain and Ireland.