Pepco has been considering options to sell the British discounter, which has more than 800 stores, since December and warned last month that a potential sale would result in meager earnings as the business experiences “challenging trading conditions”.
“This sale marks an important milestone in our strategic plan to exit FMCG and focus primarily on Pepco, our highly profitable apparel and general merchandise business,” said Pepco Group CEO Stefan Borchert.
Poundland has become a fixture on UK high streets since its launch in 1990 and a popular destination for bargain shopping, offering a wide range of goods from cosmetics to food, home décor to stationery – all originally priced at one pound.
Although the company officially abandoned the one-pound sales model in 2019, its revenue is struggling to recover: sales in the first half of the year fell by 7.3%, which led to Pepco having to record an impairment loss of €234 million.
Source: Reuters