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Thousands of jobs are astatine hazard aft discount precocious thoroughfare concatenation Poundland was sold - with dozens of shops expected to shut.
Poundland has been sold for a header fig of €1 to concern steadfast and erstwhile Laura Ashley owners Gordon Brothers, confirming Sky News reporting.
Its erstwhile owners, the Poland-based Pepco Group, however, are to beryllium repaid tens of millions of pounds arsenic portion of the sale.
Poundland employs astir 16,000 radical crossed an property of implicit 800 shops successful the UK and Ireland.
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Around 100 stores are expected to close, and rent reviews are besides expected to beryllium negotiated with Poundland landlords.
The chain, known for selling products for £1, was enactment connected the marketplace earlier this twelvemonth aft a downturn successful trading. Employers' taxation hikes announced by Chancellor Rachel Reeves successful the November fund accrued the fiscal unit connected precocious thoroughfare retailers.
As portion of the deal, a restructuring program requiring High Court support volition instrumentality place. Details of that restructuring volition beryllium communicated successful "due course", owners Pepco said.
It volition clasp a number involvement successful Poundland.
Pepco said the woody would assistance it displacement distant from nutrient and drinks, amended its gross maturation and boost its profitability
Stephan Borchert, Pepco Group's main executive, said: "This transaction volition powerfully enactment our accelerated worth instauration programme by simplifying the radical and focusing connected our palmy Pepco business.
"Poundland remains a cardinal subordinate successful UK discount retail, with millions of customers annually and a well-loved marque and proposition."
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