Poundland files notice to appoint administrators as owner rejects rescue bid

Gordon Brothers bought Poundland for £1 last June and says it has since provided £85m of extra financing. It argues the business is still not cash generative at a sustainable level. Management says it is profitable with growing sales.

Business Secretary Jonathan Reynolds has met the owner, and MPs have summoned it to appear on 11 November. Buyers are interested in only about half the stores, and suppliers could recover little as Gordon Brothers is a secured creditor.