Dealz owner obtains 10‑day extension to seek rescue deal

The board of the company that owns discount retailers Dealz and Poundland has filed a second notice of intention in the UK, securing an additional 10 working days of legal protection from creditor claims while its owners, US investment firm Gordon Brothers, look for a rescue deal.

The extension gives the retailer – which operates more than 40 Dealz stores in the Republic of Ireland – extra time to identify the best prospects for shareholders, creditors and staff, the board said in a statement.

Gordon Brothers, which bought Poundland last year for a nominal £1 from Warsaw‑listed Pepco Group, said it is in talks with three parties for a sale of the whole business and has received offers from high‑street retailers for parts of it. Only Martin Property Group, a Northern Irish family‑owned firm, has expressed interest in acquiring the entire chain and working with existing management led by chief executive Barry Williams.

The board added that all stores remain open as usual and that funding has been agreed to enable trading to continue for now. Gordon Brothers has provided Poundland with £85 million of new financing over the past year.

Representatives of Gordon Brothers appeared before the UK Parliament’s Business and Trade Committee, after which committee chair Liam Byrne criticised the firm’s ownership of Poundland.

Source: Irish Examiner. Photo: Possessed Photography / Pexels.