Reform UK Urges Government to Block Poundland Break-Up as 12,000 Jobs at Risk

Reform UK is urging Business Secretary Jonathan Reynolds to prevent Gordon Brothers from breaking up Poundland, accusing the US owner of engineering the retailer's insolvency by restricting credit lines. Directors filed a notice to appoint Alix Partners as administrators earlier this week, putting 12,000 jobs and over 600 stores at risk. In a letter, Reform Treasury spokesman Robert Jenrick and deputy leader Richard Tice blamed Gordon Brothers for the cash crisis and questioned why it rejected a solvent bid. The filing triggers a 10-day moratorium barring creditors from calling in debts while bids are considered. Ireland's Martin Property Group reiterated Friday its interest in acquiring stores after Gordon Brothers rejected its original offer, reportedly over its refusal to meet demands for up-front repayment of a £30m shareholder loan. Gordon Brothers acquired Poundland last year for £1. A group of Labour MPs also wrote to Reynolds urging the government to "explore every available option to safeguard jobs." Reynolds said he was monitoring the situation.