Reform-linked Innovest rejoins race for Poundland ahead of MP grilling

Irish investment firm Innovest, tied to Reform UK, has re-entered the pursuit to acquire Poundland as the retail chain's proprietors prepare for a clash with MPs. Reform UK's Treasury spokesman, Robert Jenrick, has publicly supported Innovest's bid. Former Reform election candidate Charles Bunker is also advising Innovest. Gordon Brothers, the US firm that owns Poundland, has denied several solvent bids due to its insistence on paying off a £22.5m loan it acquired from PepCo when it purchased Poundland for £1 a year ago.

Xyra Group, headed by a 23-year-old, has offered £12.5m in cash upfront, while Martin Property Group, which owns National Car Parks, has submitted £7.5m. The value of Innovest's bid remains undisclosed but is reportedly lower than its initial proposal. Innovest and its leader, Shane Corby, were unavailable for comment. Gordon Brothers has faced substantial criticism for rejecting solvent offers for Poundland, with some suggesting the group may be pushing the retailer towards bankruptcy to extract more value.

Poundland's handlers filed paperwork to appoint administrators last week, granting them until Thursday to save the company from creditors before they can demand payment. The management can apply to extend this protection, according to City AM. Gordon Brothers' recent payment of £10m to Poundland may help the retailer avoid collapse.

MPs on the Business, Innovation, Science and Trade Committee will question Gordon Brothers' leaders and Poundland's executives about a range of issues, including debt repayments, job security for the 12,000 employees, and whether acceptable bids have been considered. The committee anticipates an aggressive questioning style from chair Liam Byrne.