Poundland secures extended deadline for possible rescue

Crisis-hit Poundland has secured an extended deadline for a potential rescue amid political pressure for a solvent sale of the chain.

It was confirmed on Thursday morning that a new Notice of Intention (NOI) to appoint Administrators had been filed, giving a fresh 10 working-day window to secure its future, free from any creditor claims.

Owner Gordon Brothers further stated that Poundland was to be given enough money to cover this month's payroll in full.

It has been accused of pushing the discount retailer - which it bought over a year ago for just €1 - to the brink of collapse despite growing profitability, by rejecting offers for Poundland and its 600-strong store estate.

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It has left 10,500 jobs hanging in the balance.

A first notice to appoint administrators expired overnight, hours after bosses held a private meeting with parliament's business committee, during which the chair accused the US investment firm of "behaving almost like a Wolf of Wall Street".

Critics claim Gordon Brothers, which Sky News revealed has been paid close to £20m since taking ownership of Poundland in June last year, favours a break-up of the company as it would prove more financially lucrative.

Gordon Brothers had frozen bosses' access to company funds, placing its operational functions in jeopardy.

But it later emerged that Poundland had received £10m to pay its way amid pressure from the government for a sale of Poundland as a going concern to preserve employment.

A memo sent to staff on Thursday, seen by Sky News, said that while that had allowed only "limited" orders to replenish store stock, further funds had been made available on Thursday.

In the email, Barry Williams, the chain's managing director, praised the workforce's efforts to maintain sales and added: "I understand the uncertainty is very worrying for you all, I can only apologise for that".

Poundland's board said in a statement: "Our stores remain open as usual during this period, and we thank our colleagues, suppliers and customers for their incredible and continued support."

Gordon Brothers added: "We support the Board's decision to extend the legal moratorium over the company by a further ten working days. This brings additional stability amid an ongoing sale process in the backdrop of increasing cost pressures and a difficult inflationary economic environment.

"With this decision, we are today able to confirm to Poundland employees that funds will be released to allow payroll to be made in full this month, while additional funds continue to be released to support Poundland's ongoing trading."

(c) Sky News 2026: Poundland secures extended deadline for possible rescue