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Sam Ridgway -
11th January 2020
Sam Ridgway -
11th January 2020 News
Poundland facing ‘significant store closures’ after being sold for just £1
Danny Jones
Long-standing British bargain brand Poundland could be set to close a number of locations across the UK after being sold for just £1.
The franchise famed for selling things for just a quid has been a mainstay on the high streets for what feels like it’s been around for as long as most of us can remember, but has been struggling to compete in the discount market.
Opened in 1990, Poundland was eventually bought by Polish variety store chain Pepco Group back in 2016, but has now been auctioned off after struggling sales over the past few years.
As per a press release from the company, Pepco decided to sell the business to American investment firm Gordon Brothers for what reports cited as a “nominal fee” – a figure now revealed to be £1.
Poundland’s former boss, Barry Williams, left the brand in 2023 but was reinstated in at the start of this year to help the business and the Group’s European counterparts (Pepco and Dealz).
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Sharing an official update with The Manc, the returning MD and CEO said, “Poundland is a UK and Ireland retailer of real significance, serving 20 million customers each year with a much-loved brand.
“Although recent trading has been challenging, we have built a turnaround plan with a simplified and more focused Poundland at its heart, as we aim to deliver the amazing value our customers expect.
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“In due course, we’ll share more details of the proposed restructuring and turnaround. I’d like to thank Pepco for its stewardship of the business. We welcome Gordon Brothers and look forward to working with them as we implement our turnaround plan.”
As for Gordon Bros themselves, the American group with outposts all over the globe, says it is “delighted” to be providing the bargain brand with “the financing to support the substantial turnaround of this iconic retailer.”
Even with their own hardships, Poundland stores have still been providing a much-needed cut-price place to shop for those looking to save wherever they can amid the cost of living crisis, not to mention taking over previous Wilko stores and helping bail out others in need.
According to Retail Gazette, an approximate £80 million cash injection has been pledged to help support their 800 stores and roughly 16,000 staff across the UK and Ireland.
Nevertheless, BBC sources understand that the even with the new backing, the proposed restructuring of the company which will be put before the High Court here in England could still “involve a significant number of store closures.”
Meanwhile, an official statement from Pepco’s Stephan Borchert reads: “The agreed sale of Poundland marks an important milestone in our strategic plan to move away from FMCG and focus predominantly on Pepco, our higher margin clothing and general merchandise business…
“Poundland remains a key player in UK discount retail, with millions of customers annually and a well-loved brand and proposition. We want to sincerely thank Poundland for their ongoing commitment and contribution to the Group and wish Barry Williams and his team all the best for the future.”
Read more:
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Featured Images — Pepco (via Wikimedia Commons)/The Manc Group
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Ryanair introduces immediate £500 fines for ‘unruly’ passengers
Emily Sergeant
Ryanair is majorly clamping-down on passenger conduct by introducing a new immediate fining system.
In a bid to get onboard conduct to an acceptable level, Europe’s largest budget airline has today confirmed (12 June) that it has introduced a £500 fine for disruptive passengers whose unruly behaviour results in them being offloaded from the aircraft.
The airline – which prides itself on being one of the most ‘punctual’ in the continent – says passengers expect to travel in a ‘comfortable and stress-free environment’ that’s free from ‘unnecessary disruption’ caused by a tiny number of people travelling onboard the aircraft at the same time as them.
While it’s no secret that passenger disruption is a problem that’s increasingly affecting the airline industry as a whole, Ryanair says it’s ‘committed’ to tackling unruly behaviour for the benefit of its passengers and crew.
The company intends to continue to pursue disruptive passengers for civil damages, but at a minimum, they will now be issued with a £500 fine immediately.
“It is unacceptable that passengers are made suffer unnecessary disruption because of one unruly passenger’s behaviour,” a Ryanair spokesperson commented as the fines were announced today.
“To help ensure that our passengers and crew travel in a comfortable and stress-free environment, without unnecessary disruption caused by a tiny number of unruly passengers, we have introduced a £500 fine, which will be issued to any passengers offloaded from aircraft as a result of their misconduct.
“While these are isolated events which happen across all airlines, disruptive behaviour in such a confined shared space is unacceptable.
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“We hope that our proactive approach will act as a deterrent to eliminate this unacceptable behaviour onboard our aircraft.”
Featured Image – CCNull
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