Gordon Brothers, which only bought Poundland last year for £1 and launched a sale process for the company at the start of September, is under pressure to accept a bid to save the retailer, which is on the brink of collapse despite interest from several major supermarket chains.
asserted
which → buy → chains
Asked what his message was to Poundland’s executives, Mr Burnham said: “Focus on the people in your employment.
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Burnham → ask → employment
“Meet with the Business Secretary because we are setting up that meeting.
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we → meet → meeting
Come up with a practical solution that saves jobs and saves those stores because many of them are viable propositions.
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many → come → them
“They’re on high streets.
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They → ’re → streets
They matter in our communities.
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They → matter → communities
Sit down with us and let’s find it.”
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’s → sit → it
He said the Government was “prepared to find what we can do” to help save the chain.
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we → say → chain
Advisers are still in talks with parties interested in buying the brand and swathes of stores, around two months after a sale process was launched.
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process → interest → stores
Earlier this week, little-known investment group Xyra became the latest to enter the fray to buy Poundland, proposing a deal to pay £12.5 million up front.
The company has not previously owned a retailer but is backed by Andrew Brode, a veteran businessman who floated RWS on the stock market.
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who → know → market
It is understood that advisers for Poundland’s owners are assessing the offer.
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advisers → understand → offer
Tesco also held talks over proposals to buy up to 150 Poundland stores, sources with knowledge of the process told the Press Association.
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sources → hold → Association
Poundstretcher owner Fortress also showed its interest in purchasing a significant number of stores, understood to be as many as 250 shops.
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Fortress → show → stores
It is understood that other grocery chains, such as Iceland and Lidl, are also in the frame to acquire some stores, as well as Wilko and The Range owner CDS Superstores and B&M.
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Speaking to reporters while attending the Commonwealth Heads of Government meeting in Antigua, Mr Burnham acknowledged there was a limit to what ministers could do but he suggested there were ways forward for the firm.
uncertain
he → understand → firm
“There’s always a limit, but we’re prepared to to find what we can do,” he said.
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he → ’ → what
“We believe in this instance there is a solution.
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We → believe → instance
Other retailers are expressing interest.
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retailers → express → interest
Let’s find a solution.”
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’s → let → solution
His comments came as officials played down the prospect of the state taking over the discount chain.
In the House of Lords, business minister Lord Leong declined to rule out nationalisation as an option.
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Leong → come → option
But the Department for Business, Innovation, Science and Trade said he had “misspoken”.
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he → say → Business
“It appears they’re not acting in the best interests of their loyal UK staff and stores,” the Prime Minister’s official spokesman said.
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spokesman → appear → staff
It is an “extremely worrying situation for Poundland staff, their families and communities” and the Government was staying close to the situation, the spokesman said.
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spokesman → stay → situation
“Both the Prime Minister and the Business Secretary have been clear: they want to know what’s happening and Gordon Brothers need to explain why they haven’t accepted any offer to keep the company going.”
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they → want → company
Mr Reynolds is set to meet Gordon Brothers this week and business minister Kate Dearden is also due to hold talks with Poundland’s chief executive and chief finance officer.
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Dearden → set → executive
Gordon Brothers could also face questioning in Parliament over their actions.
uncertain
Brothers → face → actions
Liam Byrne said the Commons Business, Innovation, Science and Trade Committee which he chairs has “issued a request to Gordon Brothers to come before us next week to answer questions”.
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he → say → questions
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