Gordon Brothers received £18.3m as Poundland risks 10,000-plus jobs
Poundland's owner, Gordon Brothers, has received £18.3 million in fees and interest payments since buying the discount retailer just last year, even as the company now faces insolvency proceedings and more than 10,000 jobs hang in the balance.
Most of that cash came from interest payments and fees tied to store closures and debt.
AlixPartners ready to seek Poundland liquidators
With Poundland on shaky ground, politicians such as Prime Minister Andy Burnham are urging a quick sale to save jobs.
So far, buyout talks have not worked out (one major offer was turned down), and time is running out before a key deadline.
If no deal happens soon, consultants at AlixPartners are ready to step in and request proposals from potential liquidators of Poundland's stores and stock in the event that a going concern deal cannot be secured.