Poundland seeks management buyout after Steinhoff scandal
Poundland, the UK discount store chain Steinhoff International acquired for £610m in July 2016, wants to divorce itself from its scandal-ridden parent via a management buyout, UK newspaper The Telegraph reported. Andy Bond, the former Asda CEO headhunted by Steinhoff who was appointed Poundland executive chairperson in November 2016, has approached various private equity firms to back a management buyout, The Telegraph reported. Negotiations also involve former Poundland CEO Jim McCarthy, who retired before the chain was sold to Steinhoff. The Telegraph said Bond had been sounding out numerous private equity firms to back a management buyout, including turnaround firm Alteri. Other potential financiers listed by the newspaper were Advent, Apax, Bain, Clayton Dubilier & Rice, CVC and KKR. "Since the South African outfit was plunged into chaos last month, Poundland has been distancing itself from the financial problems of its parent. It has secured £180m from Davidson Kempner to fund...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.