Poundland's founder offers to invest in firm
Poundland's founder, Steve Smith, has offered to invest in the retailer as it faces potential administration. The company's current owners, Gordon Brothers, have stopped funding the business, putting 12,000 jobs at risk.
Why it matters
The potential collapse of a major high-street retailer threatens thousands of jobs and highlights the volatility of private equity ownership in the retail sector.
Image source, Reuters Image caption, Poundland has been given until Thursday to find a rescue deal, putting up to 12,000 staff at risk.
Poundland's founder has said he would invest in the firm and a government minister said she would meet the firm's board amid its administration fears.
Steve Smith, who set-up the Walsall-based business, said he had attempted to contact owners Gordon Brothers having been "really surprised" to learn about them filing for administration when sales were up 11% on last year.
The BBC understands that Business Minister Kate Dearden will meet with senior Poundland executives later this week to discuss the company's threatened insolvency.
US-based Gordon Brothers said it was evaluating interest for the whole business and formal and indicative offers for significant viable parts of it.
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