Poundland has applied for a second notice of intention (NOI) to appoint administrators after its initial 10-working-day protection period expired on Thursday [12 November 2026].
The extension provides a further 10 working days to secure a buyer and avoid insolvency.
The discount retailer, which has been grappling with financial difficulties and restructuring its UK store estate, is seeking further support to protect its operations and safeguard jobs across its network.
Poundland’s board said funding had been agreed to allow the business to continue trading while negotiations progress. Stores will remain open as usual during the extended period.
The development follows mounting political pressure on owner Gordon Brothers, which acquired Poundland for £1 last year, over its handling of the retailer’s financial position.
Following a private meeting with Parliament’s Business and Trade Committee on Wednesday, its chair Liam Byrne accused Gordon Brothers of taking millions of pounds out of the business while it was financially vulnerable.
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Gordon Brothers has denied prioritising its financial returns over the retailer’s future, saying it had provided £85m in new financing to support the business.
The investment firm confirmed it was in discussions with three potential buyers for the entire business, alongside receiving several offers from established high street retailers interested in acquiring significant parts of its estate.
Potential buyers include investment firm Xyra Holdings and Irish business Martin Property Group. Tesco has also reportedly explored acquiring up to 150 stores, while Iceland and Lidl are among retailers understood to have expressed interest in parts of the estate.
Around 600 UK stores and 11,000 jobs remain at risk if a rescue cannot be secured.
If negotiations fail, corporate advisory firm AlixPartners is understood to be lined up to oversee an administration process.
The additional breathing space gives Poundland another opportunity to secure a deal that preserves its store network and workforce, as well as maintaining continuity for suppliers ahead of the crucial Christmas trading period.
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