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Poundland confirms rescue talks as management pursues buyout with Martin Property Group

Poundland confirmed it is in talks with potential buyers as it seeks a rescue deal. Managing director Barry Williams, the firm's leadership team and former Pepco chairman Andy Bond are working with Irish real estate firm Martin Property Group, the management team's preferred partner, on a management buyout, while the current owners seek buyers; the chain was sold for £1 by previous owner Pepco to Gordon Brothers last summer. The Usdaw union warned the retailer could fall into administration if the buyout fails, putting thousands of jobs at risk, and said it was told the management's offers were being turned down; a Poundland source disputed this, saying Martin Property Group is part of the sale process and remains the management team's preferred partner.