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 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.

Money latest: How much Brits lose by not complaining

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 that saw its chair accuse 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.

But it has since emerged that Poundland has 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, seen by Sky News, said that had allowed only "limited" orders to replenish store stock but that further funds had been made available on Thursday.

"I understand the uncertainty is very worrying for you all, I can only apologise for that", it said.

Poundland's board said in a statement: "Over the past two weeks, Poundland has been operating under the statutory protection of a Notice of Intention (NOI) to appoint Administrators.

"Amid an ongoing sale process, and with funding agreed to enable the business to continue trading during this period, the Board of Poundland has today resolved to make an application for a second NOI with a view to identifying the best available prospects for shareholders, creditors and our people.

"This extends the current protections over the business for a further 10 working days.

"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