Poundland future in doubt as owners move towards administration – including Bridlington store
The future of Poundland stores across the country, including its prominent branch in Bridlington’s Promenades Shopping Centre, has been thrown into fresh uncertainty after the discount retailer’s owners filed a notice of intention to appoint administrators.
The move puts around 12,000 jobs across the UK at risk, with the company now facing a 10-working-day period to secure an eleventh-hour rescue deal.
Court filings show the legal notice was submitted on Thursday afternoon. It provides the business with temporary protection from creditors taking legal action or pursuing debt-recovery proceedings without court permission.
Poundland has stores across East Yorkshire and the surrounding area, including Bridlington, Beverley, Hull and Scarborough, with the uncertainty raising concerns for staff and shoppers.
Despite the latest developments, Poundland has stressed that all its stores remain open and trading as normal.
Advisers are continuing discussions with several interested parties who have expressed an interest in acquiring the brand and parts of the store estate.
Those understood to be involved include CDS Superstores, which owns The Range and Wilko, Fortress, the owner of Poundstretcher, and Modella, which owns TG Jones.
Poundland managing director Barry Williams said: “Despite enormous efforts it has not been possible to identify an acceptable offer for the business as a whole.
“The process has however attracted several established retail operators who have made formal offers.
“Collectively these cover a significant part of the business, and we believe offer the best available prospects for shareholders, creditors and to preserve jobs.
“We recognise any sale process creates uncertainty and particularly when set against a challenging UK economic environment.”
Mr Williams added that the company would continue working closely with its advisers to identify and deliver the best possible outcome.
Business advisory firm AlixPartners is understood to be in line to be appointed as administrators.
For Bridlington, the uncertainty places the future of another familiar High Street retailer in the spotlight, with the Promenades Shopping Centre store serving local shoppers and providing employment in the town.
While no immediate closures have been announced, the coming days are expected to be crucial in determining the future ownership of Poundland and how many of its stores and jobs can be secured.
Photo: Bridlington Poundland: Stock image
