MPs are preparing to question the owners of Poundland over their handling of the discount retailer, as a new rescue bid offers a possible way out of the crisis threatening around 12,000 jobs.

Members of the Commons business, innovation, science and trade select committee will grill executives from Gordon Brothers, the US investment firm that owns Poundland, in a private session on Wednesday. The hearing will be held behind closed doors so as not to disrupt the commercially sensitive sale process.

Gordon Brothers bought Poundland for £1 last June and stopped funding the business after launching a sale process in September. Last week the retailer's directors filed a notice of intention to appoint administrators, giving the company temporary protection from creditors while buyers are sought.

The owner has already rejected a takeover offer from Irish firm Martin Property Group, which Poundland's management team had identified as its preferred bidder. The sticking point is understood to be a £30 million secured shareholder loan inherited through the previous sale, which Gordon Brothers wants repaid.

A new bidder has now entered the picture. London-based Xyra Group tabled an offer on Thursday 5 November, undertaking to repay £12.5 million of the outstanding loan immediately and defer the rest. The bid arrived as Business Secretary Jonathan Reynolds held talks with Gordon Brothers, urging the firm to protect staff and shops wherever possible.

Other retailers are also circling parts of the estate. Fortress, the owner of Poundstretcher, is reported to be interested in buying stores, along with Tesco, Iceland, Lidl and B&M, raising the prospect of a break-up of the chain's roughly 600 shops if no deal for the whole business is agreed.

[Source: observer.co.uk](https://observer.co.uk/news/business/article/axe-hangs-over-high-street-giant-poundland-after-us-owners-look-to-sell) | [Source: londondaily.news](https://www.londondaily.news/xyra-group-offers-12-5m-loan-repayment-in-late-poundland-bid/)