High Street discount chain Poundland has been sold for a 'nominal' sum of just £1 following warnings of growing financial difficulties, as workers brace for job losses amid reports up to 200 stores could be at risk of closing.
Previous owners Pepco sold the brand to investment firm Gordon Brothers, the retail group has announced, in a deal which will see Poundland receive £80 million to turn itself around.
Poundland currently employs some 16,000 people across 800 shops in the UK and Ireland. It is thought that as part of the takeover deal, up to 200 stores are at risk of closure.
Gordon Brothers is the former owner of Laura Ashley and has seen off steep competition from rival firm Hilco Capital in recent days.
Chief executive Barry Williams is to remain at the helm after returning to the business earlier this year.
