Poundland on brink of administration, with 12,000 jobs at risk

Owner Gordon Brothers files notice of intent to begin process after rejecting management-backed rescue bid

The owner of Poundland has said it is preparing to appoint administrators, putting up to 12,000 jobs at risk at the retail chain across the UK and Ireland.

Gordon Brothers filed a notice of intention to appoint administrators at the high court on Wednesday night, with the advisory firm Alix Partners lined up to run the process. The legal measure, which is expected to be approved by a court on Thursday, protects Poundland from the demands of creditors for 10 days while a solution to its problems is sought.