this post was submitted on 12 Jun 2025
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Struggling budget chain Poundland has been sold for £1 and now faces a shake-up which could see up to 100 stores close, the BBC understands.

Its owner Polish firm Pepco confirmed it had sold the brand for a "nominal" sum to US investment firm Gordon Brothers.

Poundland has 825 UK stores and around 16,000 staff and was struggling to compete with other discount stores, with sales down this January and February.

Following the sale a proposed restructure will be put to the High Court in England, Pepco said.

It comes after Pepco warned that increased employer National Insurance contributions which kicked in in April would put added pressure on the chain.

Pepco Group has owned Poundland since 2016, but the firm had to auction the brand off after sales slumped over the past year.

Gordon Brothers is a global investment firm which formerly owned fashion label Laura Ashley.

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[–] g0d0fm15ch13f@lemmy.world 22 points 3 weeks ago (2 children)

Am I misunderstanding things or is this a bit? Selling an entire dollar store type for the british version of a dollar is absolutely hilarious if true.

[–] catloaf@lemm.ee 12 points 3 weeks ago* (last edited 3 weeks ago)

It's pretty common to sell something for $1, at least in the US, because of laws about gifts vs sale or something. This is just funny because it's a pound shop being sold for a pound.

Edit: I was a bit wrong https://en.wikipedia.org/wiki/Peppercorn_(law)

[–] cynar@lemmy.world 5 points 3 weeks ago

The seller thinks the value is net negative to them. The buyer thinks it still has a potential positive value. Both would agree to just hand it over.

Unfortunately, UK law does not allow that. Consideration must go both ways. The simplest way is to sell for the minimum reasonable amount. $1 is traditional in the US. In the UK it is £1. The other commenters link has a good writeup on the practice.

[–] azimir@lemmy.ml 12 points 3 weeks ago (1 children)

I don't know much about Poundland, but I know they're no liars about their advertising. Everything, including the business itself, went for a pound.

I salute them for their consistency!

[–] cynar@lemmy.world 2 points 3 weeks ago

They broke from "everything is a pound" years ago. They also still do a really bad job making it clear what is no longer a pound.

[–] Zoomboingding@lemmy.world 4 points 3 weeks ago

Not the onion...?

[–] itslilith@lemmy.blahaj.zone 1 points 3 weeks ago

They're committed, at least