Poundland’s former owner Pepco Group has lined up FRP Advisory to supervise the handover of the discount chain to its new owner.
Industry sources told Sky News FRP has been asked to act as an observer for it as Poundland looks to enter a court-sanctioned process that involves store closures and jobs losses.
The retailer is looking to shut 68 of its stores and two distribution centres, as well as impose rent reductions on hundreds of sites under a radical restructuring plan. A court hearing is scheduled for the end of August.
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It is understood that more stores and hundreds of jobs are at risk under Gordon Brothers’ ownership, after the firm acquired the retailer in June for £1.
Pepco is said to be focused on its IT systems, which Poundland uses in common with Pepco’s operations in Poland.
Poundland boss Barry Williams said at the time of the deal’s announcement: “It’s no secret that we have much work to do to get Poundland back on track.
“While Poundland remains a strong brand, serving 20 million-plus shoppers each year, our performance for a significant period has fallen short of our high standards and action is needed to enable the business to return to growth.”
He added: “It’s sincerely regrettable that this plan includes the closure of stores and distribution centres, but it’s necessary if we’re to achieve our goal of securing the future of thousands of jobs and hundreds of stores.”
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