Poundland taken over in £597m deal

Poundland
Poundland

Poundland, the discount shop franchise that has stores right across Sussex, has accepted a takeover offer from South African retailer Steinhoff International.

The deal is reportedly worth £597m and comes after Steinhoff - the owner of UK furniture firm Harveys and Bensons For Beds - recently lost out in a battle with Sainsbury’s to buy Argos owner Home Retail Group.

Poundland has around 18,000 staff across more than 900 stores, including a dozen in Sussex, and has its headquarters in Willenhall, near Wolverhampton.

Steinhoff is reported to have said that it has no plans to change the group’s head office or employment conditions for staff.

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