(Image: Poundland)
A HIGH street giant which employs more than 12,000 workers could be up for sale, less than a year after it changed hands.
The owner of Poundland is reportedly looking to find a new buyer for the discount chain store.
The last time the discounter changed hands - after it was purchased by Gordon Brothers last year - 200 of its stores were closed.
Now according to Sky News Gordon Brothers is in talks over a possible auction process, with advisers to oversee the deal likely to be appointed in the next few days.
Poundland still has hundreds of stores, including three outlets in Bradford, but its more recent accounts showed that it made a pre-tax loss of £79m in the year to September 2024.
Earlier this year, Poundland boss Barry Williams was upbeat about the future, saying the business had made 'significant progress'.
First year profit just £6,000
The business was founded by Dave Dodd and Steven Smith in 1990 trading from Burton upon Trent. Smith provided a loan to establish the company and in the first year it made a modest £6,000 profit. By 1994, profits had soared to £850,000. A little over ten years later they were more than £12m.
In the 2000s Poundland pursued an aggressive expansion strategy and opened abroad in 2011, initially in Ireland and later into Poland.
In January 2025 it said few items would be priced at one pound and last June it was sold to Gordon Brothers.
Ironically, they paid just... one pound.