Mark Kleinman: Pound shop PM bargains on rescue

Poundland’s owners have delayed a possible solvent rescue despite government pressure to protect jobs, prompting the columnist to question the government’s influence over the crisis. He argues the chain’s predicament shows how an owner’s financial interests can obstruct a deal that could preserve the business and its workforce.

Gordon Brothers, Poundland’s majority owner, had restricted the company’s access to funds while bids were considered. Martin Property Group’s offer reportedly could have been completed weeks earlier, while former owner Pepco, which retains a minority stake and a 25 per cent interest in a £30m loan, offered to defer repayment if a solvent deal proceeded. Gordon Brothers released limited funds this week, shortly before a parliamentary committee hearing.