POUNDING FOR CHAIN’S OWNER

Poundland owner Steinhoff suffered a fresh blow yesterday after warnings from a top ratings agency.

Moody’s downgraded Steinhoff’s credit rating amid concerns about the South African’s firm’s looming debt pile. The company, majority-owned by tycoon Christo Wiese, is fighting for survival after an accounting controversy erupted.

Shares in Steinhoff, which also owns furniture chains Bensons for Beds and Harveys, have slumped since it emerged there were “irregularities” in its finances.

The scandal has led to credit insurance either being cancelled or reduced.

Moody’s yesterday cut Steinhoff’s ratings further into so-called “junk” status.