Poundland stores across the country are to close as the budget retailer has been sold to a US investment firm. Poundland’s owner Pepco confirmed it had sold it for a “nominal” sum. Polish-based Pepco has owned Poundland since 2016 but put the brand on the market in March amid struggling sales. The sale includes all of Poundland’s stores across the country, of which there are a total of 825.
Multiple stores are set to close as part of a restructuring plan that will be put through the High Court. Pepco claimed that the increased employer National Insurance contributions – which kicked in in April – put extra pressure on Poundland which saw sales down in January and February of this year. A number of Poundland stores have closed under Pepco ownership and more closures are planned.
The Poundland stores that are confirmed to be closing are:
- Barrow Dalton Road- Closing on June 12
- Union Gate, Bristol – Closing June 20
- Flint – Closing June 21
- Cowes, Isle of Wight – Closing July
- Newquay – August 1
Meanwhile, a significant number of stores have aready closed. They are:
- Connswater Shopping Centre, Belfast – Closed in March 2024
- Macclesfield – Closed in August, 2024
- Maidenhead – Closed in October, 2024
- Sutton Coldfield – Closed in October 2024
- Crystal Palace, Westow Street – Closed February 2025
- Clapham Junction Station, London – Closed May, 2
- Belle Valle Shopping Centre, Liverpool – Closed May 6
- St George’s Centre, Gravesend – Closed May 8
- Southwark Park Road – Closed May 14
- Copdock Mill Interchange, Ipswich – Closed May 20
- Brackla, Wales – Closed May 24
- Chiswick High Road – Closed May 28
- Filton Abbeywood – Closed May 31
- Surrey Quays – Closed June 11
Retail analyst Sofie Willmott from GlobalData told the BBC that Poundland’s appeal has been weakening in the UK. She revealed: “Those who favoured Poundland for low price groceries have been tempted away by the supermarkets who have been aggressively competing on price, and the failure of its clothing range has been a distraction for the retailer.”
Meanwhile, other experts pointed to the rise of online budget brands such as Shein and Temu as contributing factors to Poundland’s decline in popularity. Poundland employs around 16,000 people across its UK stores.
Stephan Borchert, Pepco Group chief executive, said: “This transaction will strongly support our accelerated value creation programme by simplifying the group and focusing on our successful Pepco business.”
Barry Williams, the current managing rirector of Poundland, will reportedly continue to lead the business under its new ownership.