Poundland at crossroads as Martin Property Group urges funds release
Poundland is at a crossroads as Martin Property Group, the main bidder, urges Gordon Brothers to release vital funds.
Without this cash, Poundland can't restock shelves or protect over 10,000 jobs, right as its administration deadline looms.
Martin Property says quick access to money is needed to help secure a rescue deal.
Gordon Brothers £30m repayment stalls sale
The sale process has hit a snag because Gordon Brothers wants its £30m shareholder loan repaid immediately.
Even though Poundland has well over £20m in cash on its balance sheet, it can't use them right now due to restrictions.
Previous bids from Martin Property Group fell through for similar reasons.
Meanwhile, some advisers are even considering liquidation if no solution is found soon.
Gordon Brothers European chief meets MPs
Gordon Brothers's European chief will meet with MPs on Wednesday to talk about options and hopefully find a way forward for Poundland amid all these challenges.