Poundland files notice of intention to appoint administrators after MBO rejected
Poundland filed a notice to appoint administrators last Thursday, giving it 10 days of protection from creditors. Owner Gordon Brothers rejected a management buyout backed by Martin Property Group, which would have preserved nearly 12,000 jobs.
The sticking point was a demand that any buyer repay a £30 million shareholder loan in full. A new bidder has offered to pay £12.5m, with the balance deferred. Gordon Brothers bought the retailer for £1 last summer from Pepco Group.
Tesco is weighing a bid for up to 150 of 600 stores, with Fortress, Iceland, Lidl, CDS Superstores and B&M also interested. An insolvency expert warned that around 18,000 supplier jobs are exposed.
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