The leading solvent bidder for Poundland has urged the discount chain’s owner to immediately release tens of millions of pounds of funding needed to restock its shelves and save more than 10,000 jobs, Sky News has reported.

Martin Property Group, which has seen two previous offers for Poundland rejected over Gordon Brothers’ financial demands, told the chain’s advisers on Friday that it remains keen to acquire the business as a going concern. Sources said the Northern Ireland-based company had written to Alvarez & Marsal and AlixPartners asking Gordon Brothers to give Poundland’s management access to funding to replenish stock and pay suppliers during the crucial pre-Christmas trading period.

Industry sources estimate that Poundland has well over £20m in cash on its balance sheet, but say its management has not been permitted to access it to place new stock orders since a notice of intention to appoint administrators was filed. While that notice could be extended, the current timetable means Poundland could have just four days before it collapses into insolvency proceedings when the notice expires on Thursday.

The company’s inability to place orders with suppliers threatens to derail any solvent deal unless the situation is addressed imminently, according to insiders. Empty shelves in the run-up to Christmas would destroy what value remains in the business and make a rescue far harder to complete.

A loan bought for £1

The chances of a solvent sale have been hampered by Gordon Brothers’ demand for full and immediate repayment of a £30m shareholder loan for which it paid just £1 last year. Sky News previously reported that Gordon Brothers had accused Poundland’s management of breaching the terms of its asset-based lending facility, resulting in it cutting off access to both that facility and the company’s bank account.

Gordon Brothers, which Sky News revealed this weekend had received more than £18m in fees and charges from Poundland during its brief ownership, has said little publicly about the escalating crisis. The investment firm bought the chain for £1 in June 2025 from Pepco Group and launched a formal sale process at the start of September.

Martin Property Group has emerged as the only fully financed credible bidder for Poundland since the auction began, although others, including Xyra Group Holdings, a little-known London-based entity, have been seeking financing to pursue rival offers. Xyra offered on Thursday to pay off £12.5m of the outstanding £30m loan immediately, with the rest deferred, but doubts remain about whether it has the money and whether it would be a good long-term owner.

Ministers and MPs pile on the pressure

Business Secretary Jonathan Reynolds has held crunch talks with Gordon Brothers about the future of the business, urging the investment firm to protect staff however possible. Gordon Brothers said after the meeting that it was still in active discussions with interested buyers and was seeking to protect as many jobs as possible, while describing the retailer as challenged and vulnerable.

On Wednesday, Gordon Brothers’ European chief Mark Newton-Jones will meet MPs on the business and trade select committee, which has agreed to hold the session in private after being given assurances that the current owner wants to salvage Poundland’s future. MPs are expected to press Mr Newton-Jones on whether his employer has agreed to release the necessary funds to provide time for a solvent deal to take place.

What happens next

Poundland filed its notice of intention to appoint administrators on 29 October, giving the business ten working days of breathing space from its creditors to secure a potential rescue deal. Around 600 stores and about 12,000 jobs are at risk, and the chain’s founder Steve Smith has warned that up to 30,000 jobs in the supply chain could also be affected by the outcome.

Advisory firm AlixPartners has been lined up to run a potential insolvency if a takeover deal is not agreed, and a number of major retailers, including Tesco, Poundstretcher and B&M, have made offers for parts of the business that would ultimately lead to a break-up. One financier who investigated an offer and left the process said it was clear that if Gordon Brothers’ statement about wanting to save the business was genuine, the funding would need to be released in the next couple of days if the business was to stand any chance of survival.