Overview

• High Court judge Sir Alastair Norris sanctioned Poundland’s restructuring plan, preventing an immediate move into administration.
• Approval releases up to £60 million of fresh cash on top of £30 million already injected, taking owner Gordon Brothers’ support to about £90 million.
• Poundland told the court it would have run out of cash by the week ending September 7 without the plan, with loan repayments now extended to 2028 and a £30 million overdraft in place.
• The turnaround advances 68 permanent store closures, with 11 more shutting on August 31 and one on September 14, plus the exit of Darton and Bilston distribution centres, putting roughly 1,000 store roles and about 350 warehouse jobs at risk.
• Operational changes include ending online sales and retiring the Perks app, alongside a tighter range and a simplified £1, £2, £3 pricing strategy.