Daily Mail

Poundland gets £180m lifeline

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BUDGET retailer Poundland has secured its immediate future after obtaining £180m.

Pepkor Europe, the Steinhoff subsidiary that owns Poundland, is borrowing £180m. The retail chain and other European businesses owned by Steinhoff, including Bensons for Beds and Harveys, had been hit when more than 80pc was wiped off Steinhoff’s value following an accounting scandal.

The cash will fund Poundland and Pep & Co in the UK, Dealz in Ireland and Spain, and Pepco in eastern Europe. Poundland has 896 stores in the UK and Ireland, employing 18,000. Harveys and Bensons for Beds will also get some cash.

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