Pepco Group has completed the sale of Poundland to US asset management firm Gordon Brothers in a move to simplify the business and improve shareholder value, but it is likely to result in job cuts and store closures, further eroding the UK high street.

Poundland has around 16,000 staff and over 830 stores in the UK, Isle of Man and Ireland. Known as one of the biggest discount retailers, it used to sell most products for a £1, but inflationary pressures and rising wage costs have hit this model and these days there are quite a large number of products on sale for substantially more than a pound.

Poundland is the latest major retailer to hit the wall, following Wilko in 2023. At the time, Poundland was a beneficiary, buying up over 80 of the old Wilko stores.