Poundland set for £597m Takeover

Poundland, Europe’s largest single-price retailer has agreed to a takeover worth £597m by Steinhoff International, the acquisitiveSouth African group which also owns Bensons for Beds and Harveys.


The discount retailer founded in 1990, trades with over 900 stores and posted revenues of £1.32bn for the year to 27 March 2016, following the £55m acquisition of East Midlands rival 99p Stores in October 2015.


Poundland store front

Darren Shapland, Poundland chairman said: “Steinhoff is a well-capitalised, international business with a clear and proven commitment to value retailing. They share our vision for the growth and expansion of Poundland and, as such, we believe they are a suitable and appropriate partner for our colleagues, our suppliers and stakeholders.”


Steinhoff chief executive, Markus Jooste said the group’s board is “enthusiastic” about the opportunities and “recognises the strength and value of the Poundland management team and anticipates thatthey will play a key role in the ongoing growth and development of Poundland as a part of the Steinhoff group.”


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