Reform-linked Innovest rejoins race for Poundland ahead of MP grilling

Irish investment firm Innovest has re-entered the race to buy Poundland after providing proof of funds for an offer to acquire the whole retailer. The renewed bid comes as its owner, Gordon Brothers, faces questions from MPs over its handling of the chain, which is under a deadline to secure its future before creditors can pursue debts.

Gordon Brothers has rejected several solvent offers while seeking repayment of a £22.5 million loan inherited from Poundland’s previous owner. Xyra Group offered £12.5 million up front and Martin Property Group £7.5 million; Innovest’s offer is reportedly lower than it initially indicated, and its value is unknown. Gordon Brothers has released £10 million for supplier payments, while the company’s 10-day moratorium is due to end on Thursday. MPs are also expected to ask about the retailer’s debts, the protection of around 12,000 jobs and whether acceptable bids have been considered.