British discount retailer Poundland was sold 12 June for a mere £1 to American investment company Gordon Brothers, according to a press release from Poundland's parent company, Pepco. The brand was put up for sale by Pepco in March amid challenges from tougher competition and increased wage costs from the government's April tax plan, according to The Guardian. Pepco also stated a desire to focus on its more profitable brands.
'As set out during our Capital Markets Day in March 2025, this transaction will strongly support our accelerated value creation programme by simplifying the Group and focusing on our successful Pepco business,' the press release read. 'I am confident that Pepco has the right foundations to be one of Europe's most successful discount retailers, delivering customer satisfaction, profitable growth and shareholder value.'
