UK's Poundland files administration notice to buy time for rescue

LONDON, Oct 29 (Reuters) - Struggling British discount retailer Poundland on Thursday filed a notice of intention to appoint administrators, giving the business temporary legal protection while it attempts to find a rescue deal.

• The notice, filed in the High Court, gives the business 10 working days protection from creditor action

• Poundland was put up for sale by US investment firm Gordon Brothers in August, less than a year after it purchased the chain for a nominal sum from Warsaw-listed Pepco Group

• Poundland's managing director Barry Williams said it had "not been possible to identify an acceptable offer for the business as a whole"

• But, Williams said, "several established retail operators" have made formal offers for a significant part of the business

• Gordon Brothers did not immediately respond to Reuters' request for comment

• Poundland trades from more than 600 stores, including via the Dealz chain in Ireland, employing over 10,000

• It also operates a distribution centre in Prime Minister Andy Burnham's Makerfield constituency in north west England

• Poundland was founded in 1990 and grew to become popular for selling all of its items at the single price point of £1, a policy long since abandoned

• In recent years, it has struggled with competition from the traditional supermarkets, discounters Aldi and Lidl and firms such as B&M

• Fellow UK discounter Wilko collapsed in 2023

(Reporting by James Davey and Sam Tobin, editing by Sam Tabahriti and Yoruk Bahceli)