£1BILLION BLOW FOR STEINHOFF

The owner of high street chain Poundland has had the value of its European property slashed by nearly £1billion.

South African firm Steinhoff asked experts at CBRE to put a price on 140 properties, made up of shops, warehouses, offices, factories and land.

The total was around half what Steinhoff thought it was worth.

The revelation is another blow for the group, which also owns the Bensons for Beds and Harveys chains.

Steinhoff has been rocked by alleged accounting irregularities.

It said: “The company will consider CBRE’s valuations in detail.”

A Chinese private equity firm is said to be interested in buying stricken drinks business Conviviality.

Reports say ZQ Capital is in talks with the firm, which owns off-licence chain Bargain Booze and Wine Rack and is a major drinks distributor.

Conviviality failed to pay a £30million tax bill and couldn’t raise £125m in emergency cash.