Former Asda boss joins Poundland management in rescue buyout talks

Poundland’s management team and former Asda boss Andy Bond are in advanced buyout talks that could save up to 11,000 jobs, according to reports by The Guardian.

Managing Director Barry Williams is part of the team, which is in discussions with a financial backer whose identity has not been disclosed. The proposed deal would reportedly give management an equity stake and keep Williams in charge.

The backer, who is understood to already be a bidder in the auction, would become Poundland’s new owner. Neither Poundstretcher owner Fortress nor Modella Capital, which have previously been reported as being involved in a sales offer, is involved in the management-backed proposal.

Bond ran Poundland from 2016 before moving to its former parent Pepco Group. Pepco, still a minority shareholder in Poundland, is understood to support the proposal.

Sale process and rival bidders

Gordon Brothers appointed Alvarez & Marsal to oversee the sale process, which opened on 2 September, only a year after the American investment firm initially acquired Poundland for a nominal £1 fee. The initial bidding round ended on 28 September, with the owner reportedly seeking about £30 million.

Potential interest in Poundland has been voiced by TGJones owner Modella Capital, which also operates Dealz in Poland, previously Poundland’s sister business as well as Fortress Investment Group, the New York-based owner of UK value retailer Poundstretcher. Fortress was reported to be in early talks to acquire Poundland, although a merger of the two brands was reportedly not under consideration.

Gordon Brothers is also weighing a separate sale of Poundland and Dealz. The Irish sister business has 70 stores in the Republic of Ireland, compared with around 600 Poundland stores in the UK. A combined transaction is still possible as the owner seeks a deal before Christmas.

Sales growth follows range overhaul

For the combined Poundland and Dealz business, like-for-like sales in the fourth quarter of FY26 were up 3.3% before adjustment and 6.4% after adjustment.

Gordon Brothers forecasts an EBITDA increase of around £80 million year on year following the retailer’s restructuring.

Williams said in the trading update: “Thanks to the amazing efforts of our colleagues and suppliers, our return to growth is the clearest signal yet that we’re getting back to be the kind of business that our customers want us to be.”

Poundland has rebuilt its PEP&CO clothing offer after sales were affected by ranges sourced from its former parent. The brand can now be found in around 450 stores, while grocery prices are organised around points between £1 and £3.

Gordon Brothers bought Poundland from Pepco for a nominal £1 in June 2025. The High Court approved a restructuring plan that August, shortly before the retailer was forecast to run out of cash.

The subsequent shake-up closed about 149 stores and cost around 2,200 jobs. Poundland’s latest accounts, covering the year to September 2025, recorded a pre-tax loss of £85.2 million on revenue of £1.55 billion.