Poundland has already closed more than a dozen stores over the past few months and there are several more branches that are scheduled to close this summer
Poundland has been sold for just £1 and is expected to close around 100 stores as part of a major restructure. The discount chain has been sold to investment firm Gordon Brothers, the former owner of Laura Ashley.
The restructuring plan will go through the High Court with details to be revealed “in due course”. Poundland has already closed more than a dozen stores over the past few months.
There are several more branches that are scheduled to close this summer, with these dates already confirmed before the deal was announced. You can find the latest store closures in the list below.
Poundland, which is owned by Pepco Group, has around 800 stores in the UK and employs roughly 16,000 employees. As part of the restructuring plan, Pepco will retain a minority stake in Poundland.
Gordon Brothers has also said it is providing up to £80million of financing to help fund the turnaround plan. It comes after Poundland reported revenues dropped by 6.5% to €985million (£830million) for the six months to March.
Stephan Borchert, Pepco Group chief executive, said: “This transaction will strongly support our accelerated value creation programme by simplifying the group and focusing on our successful Pepco business.
“Poundland remains a key player in UK discount retail, with millions of customers annually and a well-loved brand and proposition.
“We want to sincerely thank all the Poundland team for their ongoing commitment and contribution to the group and wish Barry Williams and his team all the best for the future.”
Mr Williams, chief executive of Poundland, said: “We welcome Gordon Brothers as we focus on returning Poundland to its core heritage category strengths and place as an essential business to UK households.
“We look forward to working with our supplier base to ensure we continue providing exceptional value to budget-conscious consumers in the UK.”
Mark Newton-Jones, head of Europe, the Middle East and Africa at Gordon Brothers, said. “We believe Poundland is an essential retailer serving UK consumers and plays an important role on the high street.”
Which Poundland stores are closing?
- Connswater Shopping Centre, Belfast – closed March 2024
- Macclesfield – closed August 2024
- Maidenhead – closed October 2024
- Sutton Coldfield – closed October 2024
- Clapham Junction Station, London – closed May 2
- Belle Vale Shopping Centre, Liverpool – closed May 6
- St George’s Centre, Gravesend – closed May 8
- Southwark Park Road – closed May 14
- Copdock Mill Interchange, Ipswich – closed May 20
- Brackla, Wales – closed May 24
- Chiswick High Road – closed May 28
- Filton Abbeywood – closed May 31
- Surrey Quays – closed June 11
- Barrow Dalton Road – closed June 12
- Union Gate, Bristol – closing June 20
- Flint – closing June 21
- Cowes, Isle of Wight – closing July
- Newquay – closing August 1
