Poundland is closing three shops in another blow to the UK high street, and has reportedly axed a dozen management roles as part of efforts to turnaround the budget retailer's fortunes.
A branch in Clapham Junction, London is due to close on May 2. A second shop at Belle Valle shopping centre in Merseyside is set to close on May 6 while a third branch is closing at St George's Centre in Gravesend, Kent. Its closing date has yet to be made public. In a statement, a Poundland spokesman confirmed the closure in Liverpool, telling the Daily Star: "It’s correct we’ll be closing our Belle Vale store on May 6 because we’ve been served notice on our lease. We know how disappointing this will be to customers and colleagues.
"Whenever we have to close a store in these circumstances, we do all we can to look for other opportunities for colleagues and that work is now underway. We’d like to thank customers at Belle Vale for their support – and look forward to welcoming them at our other stores across Merseyside."
Poundland's current owner, Pepco Group, has put the chain up for sale, with reports of a number of potential buyers, including Alteri, which recently missed out on a deal to buy WH Smith's high street arm.
Pepco said in March that it was planning to explore selling Poundland, which has more than 800 shops in the UK. Teneo was brought in to advise on its auction.
There was a report Poundland could be sold for the ironic sum of £1 as long as the buyer took on the company's debts.
AJ Bell Investment Director Russ Mould said: "Some analysts are suggesting Poundland could be available for sale for £1, although there would then be lease costs and other potential liabilities on top of that nominal purchase price."
Poundland employs about 18,000 people and in 2024 recorded about £1.7billion (€2bn), according to Sky News.
In January, Barry Williams, who was managing director of Poundland from 2017 to 2023, returned to the helm after taking on the same role at Pepco.
The staff shake-up comes after Mr Williams' return. A spokesman for Poundland told the Retail Gazette about a dozen people left the business in April as the new MD reduced the size of the leadership team.
