Poundland has filed a second notice of intention (NOI) to appoint administrators, giving the bargain chain an additional 10 working days to secure a rescue deal and avoid collapse. The move extends statutory protections for the business, which operates from 600 stores.
Second notice filed amid sale process
The discounter has been under threat of collapse since owners the Gordon Brothers launched a sale of the business in September. A first NOI was filed on October 29, initially providing 10 working days to secure a deal. As of today, November 12, Poundland Limited has filed a second NOI.
Poundland's board said in a statement: "Over the past two weeks, Poundland has been operating under the statutory protection of a notice of intention (NOI) to appoint administrators. Amid an ongoing sale process, and with funding agreed to enable the business to continue trading during this period, the board of Poundland has today resolved to make an application for a second NOI with a view to identifying the best available prospects for shareholders, creditors and our people."
The statement continued: "This extends the current protections over the business for a further 10 working days. Our stores remain open as usual during this period, and we thank our colleagues, suppliers and customers for their incredible and continued support."
Funding and payroll confirmed
A spokesperson for the Gordon Brothers confirmed the move will "bring additional stability" amid the ongoing sale process. Funds will be released to ensure employees receive their full month's pay.
The full statement reads: "We support the Board's decision to extend the legal moratorium over the company by a further ten working days. This brings additional stability amid an ongoing sale process in the backdrop of increasing cost pressures and a difficult inflationary economic environment. With this decision, we are today able to confirm to Poundland employees that funds will be released to allow payroll to be made in full this month, while additional funds continue to be released to support Poundland's ongoing trading."
The spokesperson confirmed the investment firm is "in discussions with three parties for a sale of the whole business" and has "received offers from established high street retailers for significant parts of the business." The statement added: "Over the past 12 months, Gordon Brothers has provided £85 million in new financing - stepping in when no one else was willing to finance the company - and has contributed substantial efforts to support a turnaround. Had we not, the company would have collapsed into insolvency in August 2025. Our efforts have continuously focused on the company's value and its people, not prioritising one over the other."
Background and potential buyers
The Gordon Brothers bought Poundland from original owners the PepCo group for £1 in July 2025. A major overhaul followed, including the closure of 200 stores, alongside the discontinuation of its online shopping feature and loyalty scheme.
The US-based investment firm, which also bought UK brands Radley and Laura Ashley, has faced criticism for its handling of the discounter, with its potential collapse putting 600 stores and 12,000 jobs at risk. The sale process launched in September has drawn reported interest from B&M, The Range, Poundstretcher owner Fortress, and TG Jones owner Modella Capital.
