Second buyer makes rescue bid for Poundland as retailer faces collapse
A little-known investment group has made a bid to buy the business.
A second buyer has made a rescue bid for Poundland as the discount retailer teeters on the brink of collapse, with thousands of jobs at risk.
London-based Xyra Group has offered to pay off half of Poundland's outstanding debts - a key sticking point in takeover talks so far - immediately. The rest would be deferred.
With Poundland close to collapse, US-based owners Gordon Brothers have already rejected a rival bid from an Irish property group which would have saved its 12,000 staff.
But doubts remain about the credibility of Xyra's offer, as there is little evidence they meet Gordon Brothers' tests, including whether they have the money and whether they would be good long-term owners of Poundland.