Poundland suitor urges Gordon Brothers to release funding to secure sale

Martin Property Group, the leading solvent bidder for Poundland, is urging owner Gordon Brothers to release tens of millions of pounds in funding to restore stock orders and facilitate a going-concern sale before the discount retailer’s notice of intention to appoint administrators expires on 12 November, putting more than 10,000 jobs at risk, with negotiations reportedly stalled over Gordon Brothers’ demand for immediate repayment of a £30 million shareholder loan it acquired for just £1 and restrictions on access to Poundland’s cash and lending facilities, while AlixPartners, the prospective administrator, has begun seeking proposals for the liquidation of the chain’s stores and stock if a rescue cannot be secured.

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