Prime Minister questions rejected Poundland rescue after administrators filed
The Times reported that on 29 October the prime minister asked why the rescue offer for discount retailer Poundland was rejected after its US owner filed a notice to appoint administrators, putting thousands of jobs at risk. Earlier, on 27 October Poundland filed a notice of intention to appoint administrators, giving the company a short period to secure a rescue deal or sale, according to the BBC. The move followed a letter from Business Secretary Jonathan Reynolds to owner Gordon Brothers seeking an update, as reported by The Guardian.
Prior to that, the retailer's chief executive said Gordon Brothers had limited access to a loan facility, prompting legal advice, a development described by The Telegraph. The Telegraph also noted that three directors appointed to turn around Poundland resigned amid the dispute over a possible sale or breakup.
