Poundland's European parent secures £180m funding
Pepkor, the European retail business that includes Poundland, has sealed a £180 million finance deal that will help fund its future growth.
It replaces planned investment cash from South African parent group Steinhoff, currently in throes of an accounting scandal. Steinhoff bought Poundland for £610m last year and made it part of its Pepkor Europe operation.
Pepkor says it has secured a new two-year independent loan facility of £180m from an unnamed financial institution in a move welcomed by its suppliers and credit insurers.
Andy Bond, CEO of Pepkor Europe said: “Our European Pepkor businesses are firing on all cylinders, adding customers and growing market share.
“Because of this strength, despite the ongoing issues faced by our parent company, we have been able to work quickly over Christmas to activate new sources of funding that will enable us to reassure suppliers, implement our investment plans and secure the future of these successful businesses.”
Meanwhile Poundland has released strong Christmas trading details while PepCo, the group's brand in Eastern Europe, recorded double-digit like-for-like Christmas sales.
