Poundland has filed notice to appoint administrators, putting thousands of jobs and stores at risk. The move follows the refusal by majority owners Gordon Brothers of a solvent bid from Martin Property group, which increased the likelihood that the business could enter administration.
Notice filed by retail directors
The notice has been filed by the retail directors. If approved by the High Court, it will give the business a 10-day period to find a rescue deal.
Usdaw national officer Bally Auluk said: “It has been an incredibly distressing week for Poundland staff who have had to watch from the sidelines as a multi-billion pound company jeopardises their livelihoods as it tries to extract £30m from a business it bought for £1.
Union urges reconsideration
“Poundland’s managing director Barry Williams has reluctantly filed a notice of intention, to give the business time to find a rescue deal and prevent Gordon Brothers from breaking up the business.
“We are urging Gordon Brothers to reconsider and to prioritise a unified buyer who will protect the livelihoods of 11,000 people.”
