Poundland has changed hands for a nominal £1, with investment powerhouse Gordon Brothers taking the reins and pledging £80m to help the discount retailer get back on track.
Under a definitive agreement with Pepco Group, Poundland will continue to operate under the leadership of CEO Barry Williams, who rejoined the company in March.
Gordon Brothers has committed to providing up to £80m in financing to support Poundland's restructuring and turnaround efforts, following a period of lacklustre trading.
The Walsall-based retailer will retain its Poundland branding in the º£½ÇÊÓƵ and its Dealz moniker in the Isle of Man and Republic of Ireland, with its network of around 800 stores and 16,000-strong workforce remaining intact.
Pepco Group is expected to maintain a minority stake in Poundland, as reported by .
Mr Williams said: "Poundland is a º£½ÇÊÓƵ and Ireland retailer of real significance, serving 20m customers each year with a much-loved brand.
"Although recent trading has been challenging, we have built a turnaround plan with a simplified and more focused Poundland at its heart, as we aim to deliver the amazing value our customers expect.
"In due course we'll share more details of the proposed restructure and turnaround plan. I'd like to thank Pepco for its stewardship of the business.
"We welcome Gordon Brothers and look forward to working with them as we implement our turnaround plan."
Anticipation around Poundland's sale had been building since early in the year, with industry forecasts predicting a deal would be done by September.
Mark Newton-Jones, who leads operations in Europe, the Middle East, and Africa at Gordon Brothers, said: "We are delighted to provide Barry Williams and his management team with the financing to support the substantial turnaround of this iconic retailer.
"We believe Poundland is an essential business to º£½ÇÊÓƵ consumers and plays an important role on the high street."
Pepco Group CEO, Stephan Borchert, said: "The agreed sale of Poundland marks an important milestone in our strategic plan to move away from FMCG and focus predominantly on Pepco, our higher margin clothing and general merchandise business.
"As set out during our capital markets day in March 2025, this transaction will strongly support our accelerated value creation programme by simplifying the group and focusing on our successful Pepco business.
"I am confident that Pepco has the right foundations to be one of Europe's most successful discount retailers, delivering customer satisfaction, profitable growth and shareholder value.
"Poundland remains a key player in º£½ÇÊÓƵ discount retail, with millions of customers annually and a well-loved brand and proposition.
"We want to sincerely thank all the Poundland team for their ongoing commitment and contribution to the group and wish Barry Williams and his team all the best for the future."
