Poundland is set for a “restructuring” process after the high street discount chain was sold to investment firm Gordon Brothers.
Pepco Group, which has owned Poundland since 2016, said it has completed the sale of the business for a “nominal” fee.
It comes after an auction by Poland-based Pepco to sell Poundland after a sharp downturn in trading over the past year.
Poundland’s more-than-800 stores and roughly 16,000 employees will be transferred to the ownership of Gordon Brothers, which owns brands including Laura Ashley, as a result.
However, as part of the deal, Poundland is set to undergo a restructuring plan. Poundland said the details will be communicated “in due course”.
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.”
