Poundland has been SOLD to an investment firm - amid fears over stores and jobs
Boston-based Investment firm Gordon Brothers has acquired Pepco Group's struggling Poundland business.
Gordon Brothers said it had provided up to £80million in financing to 'support the management team's proposed restructuring and turnaround plan for the British discount retailer.'
It added: 'The company will use the facility to for working capital to support its go-forward strategy.'
Gordon Brothers said Poundland had recently 'faced challenging trading conditions.'
The deal between Pepco and Gordon Brothers could pave the way for sweeping job cuts and store closures at Poundland, though this is yet to be confirmed.
Mark Newton-Jones, a director at Gordon Brothers, said: 'We are delighted to provide Barry Williams and his management team with the financing to support the substantial turnaround of this iconic retailer.'
He added: 'We believe Poundland is an essential retailer serving UK consumers and plays an important role on the High Street.'
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