The retailer has an extra 10 working days of breathing space from creditors to try to find a rescue deal

Poundland has secured extra time to try to reach a rescue deal for the business as it battles to stave off the threat of insolvency.

Court documents show the discount retailer, which is headquartered in Walsall, has applied for a second notice of intention (NOI) to appoint administrators after the first one expired on Thursday (November 12).

The move will give the retailer an extra 10 working days of breathing space from creditors to secure a potential rescue deal, with funding agreed so shops can remain open and trade during this period.

Its board said: “Amid an ongoing sale process, and with funding agreed to enable the business to continue trading during this period, the board of Poundland has today resolved to make an application for a second NOI with a view to identifying the best available prospects for shareholders, creditors and our people.

“This extends the current protections over the business for a further 10 working days.

“Our stores remain open as usual during this period and we thank our colleagues, suppliers and customers for their incredible and continued support.”

Bally Auluk, national officer for Usdaw which has been representing workers from Poundland, said: “We welcome that extra time has been given to find a buyer for Poundland and to help save jobs. This is a stay of execution, but it is still a very worrying time for our members.

“We again call on the owners, Gordon Brothers, to engage with Usdaw as the union for Poundland staff.

“We also call on the Government to use this extra time to continue their efforts to support our campaign to save jobs."

Workers staged a protest outside Poundland’s head office in Walsall on October 29 to urge American investment firm Gordon Brothers to sell the company to Martin Property Group which had submitted a fully-funded bid for the business that was backed by Poundland’s management team.

Numerous long-serving members staff told the Express & Star they were distraught over the uncertainty about the future of the company and their jobs so close to Christmas.

Bosses from Gordon Brothers, which bought Poundland for £1 last year from Pepco, were yesterday given a grilling by MPs on the House of Commons Business, Innovation, Science and Trade Committee, chaired by Liam Byrne MP, ahead of the expiry of 10-days of initial breathing space to find a buyer.

This morning Gordon Brothers confirmed it has applied for extra time to find a buyer and said discussions continue with multiple interested parties regarding a sale of the business or parts of it.

A spokesperson for Gordon Brothers said: “We support the Board’s decision to extend the legal moratorium over the company by a further 10 working days. This brings additional stability amid an ongoing sale process in the backdrop of increasing cost pressures and a difficult inflationary economic environment.

“With this decision, we are today able to confirm to Poundland employees that funds will be released to allow payroll to be made in full this month, while additional funds continue to be released to support Poundland’s ongoing trading.

“We are in discussions with three parties for a sale of the whole business, and we have also received several offers from established high street retailers for significant parts of the business.

“Over the past 12 months, Gordon Brothers has provided £85 million in new financing - stepping in when no one else was willing to finance the company - and has contributed substantial efforts to support a turnaround. Had we not, the company would have collapsed into insolvency in August 2025. Our efforts have continuously focused on the company’s value and its people, not prioritising one over the other.

“While our preference remains a sale of the whole company, we are taking due care to ensure that any successful offer can provide the funds required to acquire the business and see it through to sustainable cash generation. We, the Board, and all involved are working to secure a credible plan that delivers certainty, preserves value and protects as many jobs as possible.”