Buyers brace for Poundland sale

PREDATORS are sizing up Poundland as speculation mounts that its collapsing South African owner could be forced to sell it.

The High Street bargain chain was bought by Steinhoff International for £600m in 2016. Although Poundland remains profitable – notching up record sales over Christmas – an accounting scandal has seen its parent’s share price slump 86pc since November.

Steinhoff’s chief executive and chairman have both quit, and the company is now widely expected to flog many of its international assets so it can concentrate on Africa. Private equity firms are said to be watching Poundland closely for opportunities to snap it up at a discount.

Poundland executives have repeatedly insisted they run a strong business that will continue trading, and boss Andy Bond has reportedly held discussions with possible backers for a management buyout.