Overview

• At a High Court sanction hearing, Poundland’s barrister said the group will exhaust cash in the week ending September 7 unless the restructuring is approved.
• The plan would extend repayment of £276.5 million in loans by three years, reduce some rents, and provide a £30 million overdraft facility.
• Gordon Brothers has invested £30 million and would release a further £60 million if the plan is sanctioned, taking total new and committed funding to about £90 million.
• Operational changes include a three‑price model (£1/£2/£3) with roughly 65% of items at £1, a halved product range, the end of most multibuys, and the cessation of online sales and the Perks app in due course.
• Store closures are progressing with 11 more due on August 31 and about 68 targeted by mid‑October, alongside planned distribution site closures at Darton and Bilston that put roughly 1,000 retail roles and about 350 warehouse jobs at risk.