High street discounter Poundland has filed to appoint administrators, threatening the future of around 12,000 workers. Court filings show that the retailer submitted a notice of intention to appoint administrators on Thursday afternoon, giving the business 10 working days of breathing space from creditors to secure a potential rescue deal.
It is understood advisers are still in talks with parties interested in buying the brand and swathes of stores. Poundland managing director Barry Williams told staff in a memo that the situation is “unexpected, unwanted and wholly avoidable”.
Owner rejects takeover offer
The move follows owner Gordon Brothers rejecting a takeover offer from Irish real estate firm Martin Property Group, which management named as their preferred bidder earlier this month. Gordon Brothers, which only bought Poundland last year for £1, launched a sale process for the retailer at the start of September.
The Daily Express has contacted Gordon Brothers and the Martin Property Group for further comment.
Restructuring and store closures
Poundland has already shut more than 100 stores across the UK as part of its restructuring plan, aimed at reversing significant losses. Last week, employees at the Aberystwyth branch were left stunned when they arrived for their shifts only to discover the store's locks had been changed.
Poundland employs over 10,000 workers and runs around 600 shops. Its potential failure would put thousands of jobs at risk, including at 28 branches across Wales.
All current Poundland stores in Wales
Dyfed-Powys
- Carmarthen, Merlins Walk Shopping Centre - Carmarthenshire
- Llanelli, Stelli Centre - Carmarthenshire
- Welshpool, Berriew Street - Powys
Gwent
- Brynmawr, Lakeside Retail Park - Blaenau Gwent
- Blackwood, High Street - Caerphilly
- Caerphilly, Castlecourt Shopping Centre - Caerphilly
- Chepstow, Welsh Street - Monmouthshire
- Newport Friars Walk, Friars Walk - Newport
- Newport Spytty RP, Spytty Retail Park - Newport
- Cwmbran, North Walk - Torfaen
North Wales
- Llandudno, Moyston Street - Conwy
- Rhyl, High Street - Denbighshire
- Mold, Ambrose Lloyd Centre Wrexham Street - Flintshire
- Wrexham, Island Green Shopping Centre - Wrexham
South Wales
- Bridgend, Adare Street - Bridgend
- Porthcawl, John Street - Bridgend
- Cardiff City Link Retail Park, City Link Retail Park Newport Road - Cardiff
- Cardiff, Queen Street - Cardiff
- Merthyr, Newmarket Walk - Merthyr Tydfil
- Neath, Wind Street - Neath Port Talbot
- Port Talbot Aberafan Shopping Centre, Aberafan Shopping Centre - Neath Port Talbot
- Pep & Co Pontypridd, Taff Street - Rhondda Cynon Taf
- Pontypridd, Taff Street - Rhondda Cynon Taf
- Llantrisant RP, Glamorgan Vale Retail Park - Rhondda Cynon Taf
- Swansea Morfa, Morfa Shopping Park Brunel Way - Swansea
- Swansea Oxford Street, Oxford Street - Swansea
- Haverfordwest Castle Square, Castle Square Haverfordwest - Swansea
- Barry, Holton Road - Vale of Glamorgan
The future of these stores now depends on whether a rescue deal can be secured within the 10-working-day period.
