Poundland set for crunch decision on survival after owner grilled by MPs

Poundland’s directors are due to decide whether to extend a legal moratorium that is temporarily preventing creditors from pursuing the retailer’s debts. The decision could determine whether the chain has more time to secure a solvent buyer or faces administration, putting thousands of high street jobs at risk.

The 10-day freeze is due to expire, and sources say directors Barry Williams and Shaun Wills are likely to seek an extension. Gordon Brothers, which bought Poundland for £1 and inherited a £22.5m loan, has faced criticism for rejecting takeover offers and for its handling of the retailer’s funding; it denies restricting access to money. The owner says it has made funds available, including £10m released this week, while management has pointed to an expected £18m profit. Poundland employs about 12,000 people, and several investors are reportedly discussing a takeover.