The owner of Poundland has appointed three new directors, including restructuring experts, to help oversee the discount retailer as sale talks continue.
Gordon Brothers, which acquired Poundland last year, launched a sale process for the high street retailer in recent weeks. A deal could be struck as early as next week.
New directors appointed
Gordon Brothers has appointed Andrew Kirkpatrick, Stephen Welch and Dominic Young as directors to bring “additional M&A (merger and acquisition) transaction and industry experience” to the firm.
Mr Kirkpatrick previously advised Steinhoff International, the South Africa-based former Poundland owner. Mr Welch is a restructuring expert who was a director at the Telegraph and is currently chairman of fintech firm FNZ. Dominic Young is a former director of the Spectator magazine’s parent company.
Sale talks intensify
The appointments come as talks intensify with suitors for whole or parts of the Poundland business. Three businesses remain in talks to buy the whole operation, including Irish real estate firm Martin Property Group.
Poundland boss Barry Williams told staff earlier this month that Martin would be the preferred partner for any management buyout. CDS Superstores, the owner of The Range, has reportedly emerged as a contender to buy parts of the business. Billionaire retail tycoon Chris Dawson is considering a deal after snapping up Wilko and Homebase operations in the past two years.
Statement from Gordon Brothers
A spokesman for Gordon Brothers said: “After commencing a thorough sale process for the entirety of the company, prompted by interest from several parties, active discussions continue with a number of potential acquirers.
“The offers include those from buyers for the whole business and also indicative offers for significant viable parts of the business from established retail operators.
“The board will now objectively evaluate these options, considering all relevant stakeholders, with a view to minimising uncertainty for the people, suppliers and local communities with an interest in the business and its future.”
