Poundland is seeking to slash rents by a quarter as it renegotiates leases on nearly 90% of its stores over the next five years in a cost-cutting exercise before a potential initial public offering next year. On Friday Poundland’s parent, Pepco Group, fuelled rumours of a potential sale or IPO by changing its name from Pepkor Europe and laying out plans to open about 300 shops a year across its three retail brands. The group, which is ultimately owned by South Africa’s Steinhoff, said it would focus expansion on eastern Europe, where it operates the Pepco and Dealz chains. Steinhoff has said it wants to sell assets in order to reduce heavy debts and Pepco Group is seen to be a likely contender. Bond said that Brexit would not affect plans for the group, which has its headquarters in Willenhall near Wolverhampton.

Source: The Guardian September 27, 2019 17:53 UTC