Xyra Group offers £12.5 million to cover Poundland's £30m debt
Poundland, the popular discount store, is facing collapse, but London's Xyra Group has just made a rescue offer.
They're putting up £12.5 million up front to help cover Poundland's hefty £30 million debt, hoping to succeed where previous bids fell short.
This comes after the current owner, Gordon Brothers (who bought Poundland for just £1 last June), turned down another recent offer.
Jonathan Reynolds urges protections for workers
Xyra's bid beats earlier offers and even includes a plan to pay off the rest of the debt later.
Still, there are questions about whether Xyra can actually deliver what Poundland needs long-term.
Meanwhile, with up to 30,000 jobs on the line if things go south, Business Secretary Jonathan Reynolds has jumped in, urging the investment firm to protect workers as decisions get made.