An ex-DJ and a former Lord Mayor: Who is behind Poundland bidder Xyra Group?

Xyra Group has emerged as the leading bidder to buy Poundland, offering £12.5m up front as the retailer faces administration. A sale could affect 12,000 jobs and 600 stores, and the deadline is pressing: Poundland’s moratorium on creditors calling in debts is due to lapse on Thursday.

The little-known London firm has not completed a transaction before, and its 23-year-old founder Manvedeep Singh has been associated with several companies that folded soon after they were established. Its 27-year-old chief executive, Viktor Bronzovic, previously worked as a DJ and says businesses he set up during lockdown generated six-figure revenues. Xyra has brought in experienced figures, including former Lord Mayor Michael Mainelli and vice-chairman Andrew Brode, to strengthen its credibility; sources say it has made progress in proving the offer has credible financial backing.