Poundland gives itself extra time to secure a rescue deal to save 100s of Lancashire jobs

Poundland said it is filing a second notice to appoint administrators, giving it more time to try and secure a rescue deal.

Poundland’s board said: “Over the past two weeks, Poundland has been operating under the statutory protection of a notice of intention (NOI) to appoint administrators.

“Amid an ongoing sale process, and with funding agreed to enable the business to continue trading during this period, the board of Poundland has today resolved to make an application for a second NOI with a view to identifying the best available prospects for shareholders, creditors and our people.

“This extends the current protections over the business for a further 10 working days.

“Our stores remain open as usual during this period, and we thank our colleagues, suppliers and customers for their incredible and continued support.”

Across Lancashire hundreds of staff at the multiple Poundland stores have no idea if they will have a job going forward - and the government has said ‘it’s not good enough’.

US-based Gordon Brothers was also accused by No 10 of not “not acting in the best interests” of Poundland’s UK staff and stores.

The low-cost chain filed a notice of intention to appoint administrators at the end of October.

This gave the business 10 days to secure a potential rescue deal, which will expire at midnight.

If administrators are appointed it would pose a threat to Poundland’s 600 shops and 11,000 staff.

Advisers have been in talks with parties interested in buying the brand or parts of the business such as swathes of shops.

It has held talks with potential bidders including Tesco over proposals to buy up to 150 stores, and other chains such as Iceland and Lidl.

Gordon Brothers previously rejected a takeover offer from Martin Property Group but management named the firm as the preferred bidder last month.