THE new owner of Poundland could sell the chain within a matter of weeks, it has been reported.
An auction process for the chain of bargain stores is set to kick off this week as its current owner Gordon Brothers race to agree a sale, Sky News has said.
Sources told the outlet that Alvarez & Marsal (A&M), the firm appointed to advise its currents owners, “wants to secure a sale of Poundland before the end of October”. First bids are expected to be tabled early next month.
Last month it was revealed, the firm, which bought the string of discount stores for just £1 last June, was mulling launching an auction process for the brand.
The deal, which saw the Gordon Brothers purchase the chain from Polish-listed Pepco, resulted in the loss of around 200 stores.
At the time, the sale, saw the discount chain go back to basics, with bosses upping the number of products sold in store for a quid.
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It also retired loyalty scheme, Poundland Perks, which was axed last September.
Back in January, managing director, Barry Williams said the business was “on the right track” after coming close to collapse.
He said the firm’s focus this year would be on “delivering the kind of ranges and price simplicity customers want right across the store.”
Poundland employs around 12,000 people across the UK.
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The Sun has approached Poundland for comment.