Poundland could be sold within weeks after being bought for £1 last June

Poundland runs more than 800 shops across the UK (Isabel Infantes/PA) - (PA Archive)

Poundland’s owner has put the discount retailer up for sale, with hopes of securing a deal within weeks.

The prospective transaction follows private equity firm Gordon Brothers buying the company for £1 last June.

After overseeing an extensive restructuring of the chain, Gordon Brothers appointed corporate advisory firm Alvarez & Marsal (A&M) to contact potential buyers.

A&M formally initiated the sale process on Wednesday and will hold discussions with suitors following initial expressions of interest.

Sky News reported that Modella, which owns TG Jones and Hobbycraft, is among the parties to make an approach.

Insiders hope to complete the sale swiftly in the coming weeks, ahead of the vital festive shopping period.

Under Gordon Brothers, Poundland underwent a major overhaul to counter significant losses and weak consumer demand, resulting in the closure of more than 100 UK stores.

Poundland previously announced plans to shut dozens of stores under the restructuring plan (Mike Egerton/PA) (PA Wire)

Recovery efforts have focused on simplifying the business, combining store reductions with an overhauled pricing structure.

It has returned to simple £1, £2 and £3 grocery pricing across all UK branches, alongside simpler pricing for clothing and general merchandise.

A Poundland spokesman said: "We’re not going to be distracted from the successful recovery we’re putting in place through good old-fashioned back-to-basics retailing. Lower prices. New ranges. Better service."

Earlier this year, Gordon Brothers also bought the LK Bennett and Radley retail brands from administration.

Meanwhile, officers from Cambridgeshire Police's Rural Crime Action Team uncovered a stash of food during an operation on the A16.

On opening it, officers found packs of cheese, chorizo and butter stored inside.

Imagery from Cambridgeshire Police showed a floor stacked four-deep with plastic-wrapped chorizo, parmesan cheese, Lurpak butter, nets of Babybel and cheddar rectangles.

"We know people like to start stocking up for Christmas, but this is a tad extreme," said a police spokesperson.

A 39-year-old man and a 35-year-old woman were arrested on suspicion of theft and handling stolen goods.