Poundland has kicked off a large-scale clearance sale, offering hundreds of items from as little as 10p, ahead of ongoing restructuring under new owners Gordon Brothers.
The sale includes significant discounts across categories such as toiletries, children’s toys, and seasonal products.
The discounter, acquired by investment firm Gordon Brothers in June from Pepco Group, is in the midst of implementing a management-led turnaround plan supported by an £80m financing package. The plan aims to simplify the business and sharpen its focus amid challenging trading conditions.
Poundland CEO Barry Williams said: “Although recent trading has been challenging, we have built a turnaround plan with a simplified and more focused Poundland at its heart, as we aim to deliver the amazing value our customers expect.”
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While the retailer operates around 800 stores across the UK and Ireland, Gordon Brothers has confirmed plans to reduce the store estate to between 650 and 700 locations, involving closures and renegotiations of rents across hundreds of sites.
This follows reported declines in revenues and footfall over the past year.
The current clearance sale is online only, with delivery fees starting at £3.95 and free delivery available for orders over £50. Among the discounted items are party banners priced at 10p, plastic tumblers for 50p, and seasonal decorations for as low as 35p.
Poundland’s new owners have also announced changes to its product offering, including a reduction in frozen and chilled foods, as part of wider efforts to streamline operations and improve profitability.
Mark Newton-Jones, head of Gordon Brothers’ Europe, Middle East and Africa division, said: “We believe Poundland is an essential business to UK consumers and plays an important role on the High Street. We are committed to supporting its turnaround and future success.”
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