Business secretary writes to Poundland owner as administration fears build. | https://www.theguardian.com/business/2026/oct/28/business-secretary-jonathan-reynolds-poundland-owner-gordon-brothers-administration-fears Version 1 of 3. Jonathan Reynolds has written to Gordon Brothers, which bought retailer for £1 last summer, to 'establish the facts' The business secretary has written to the owner of Poundland amid fears that the cut-price retailer could collapse into administration, threatening to overshadow John Healey's budget. Sources said that Gordon Brothers, the US investment firm that bought the 600-store Poundland chain for £1 last summer, looks set to appoint administrators to the struggling retailer. Jonathan Reynolds has written to Gordon Brothers to establish the latest situation at the company, which employs 12,000 staff. The company rejected the only bid to take on the group - which includes the 50-store Dealz chain in Ireland - as a solvent company in its entirety, from Northern Ireland's Martin Property Group, earlier this week. It is understood Gordon Brothers is poised to file a notice of intention to appoint the advisory firm AlixPartners as administrator, potentially as early as Wednesday. Three independent directors appointed to help oversee a sale have quit amid disquiet over the move towards insolvency. The timing of the move threatened to overshadow Healey's first budget as chancellor, amid longstanding complaints from companies over costs imposed by the government on businesses. Barry Williams, the boss of Poundland, wrote to workers saying the rejection of the bid from Martin Property Group was "unexpected, unwanted and wholly avoidable". An improved bid from the Northern Irish firm has not been ruled out. However, sources said that Martin's bid fell well short of Gordon Brothers' hopes to recoup the £30m in debts it took on with Poundland. The bid is understood to be worth more than £15m, with only a portion upfront. One industry source said that suppliers to Poundland were already beginning to hold back on deliveries, making it tougher for the group to secure a rescue bid. Industry insiders said Gordon Brothers wanted to move quickly as Poundland was flush with stock ahead of the busy Christmas period. A quick break-up of the chain, with parcels of stores and stock sold off, would lead to a maximum return for the restructuring specialist, sources said. "Gordon Brothers has a simple choice. It can accept an offer from Martin Group, worth at least half of the £30m which it secured for £1, or get significantly more than that by busting the business," a source said. "The only thing that can change this is if they feel the moral or public relations duty." Reynolds has instructed his chief strategic business adviser, David Bickerton, to "establish the facts" regarding Poundland's potential collapse, as first reported by the Financial Times. He is understood to have contacted Gordon Brothers but not Poundland's management team, which had backed the Martin Property Group bid. A business department spokesperson said: "News Sniffer know this will be a concerning time for Poundland employees, their families and communities across the UK. Sign up to Business Today Get set for the working day - News Sniffer'll point you to all the business news and analysis you need every morning after newsletter promotion "This is a commercial process and ultimately a decision for Poundland's owners, so it would not be appropriate for the government to comment further." Gordon Brothers is understood to believe that it can raise more cash - up to £30m - and keep more jobs in place long-term by breaking up Poundland and selling off the stock and stores to a variety of retailers. There could be as many as eight interested parties, including the US investment firm Fortress, which owns Poundstretcher, and the owner of The Range. B&M is thought to be interested in taking on at least some outlets. However, one industry insider said: "Who is going to take on 600 high street stores?" He predicted that up to 500 could be left without a buyer in the event of a break-up, leading to significant job losses. Joanne Thomas, the general secretary of the Union of Shop, Distributive and Allied Workers, said: "I am calling on the government to do everything it can to save 11,000 jobs, which are mainly done by women and part-time workers. "Over the past five years, around 250,000 jobs have been lost in the retail sector. Job security is a key priority for a successful economy; therefore, I urge the government to grant the retail sector the same priority and strategic support it provides to other vital industries." Gordon Brothers was approached for comment. |

Who's moving where in wealth management? - AlixPartners. Editorial Staff 22 September 2026 The latest senior wealth management moves, appointments and personnel changes in the Asia-Pacific industry. AlixPartners, a global consultancy, recently appointed Paul Tan as partner in its investigations, disputes and advisory services practice, based in Shanghai. The firm said it is continuing to strengthen its capabilities and expand its presence across China. Tan brings more than 20 years of experience advising multinational corporations on fraud, misappropriation, corruption, misconduct and regulatory risk in the country. He has experience as an advisor to corporate legal, compliance and audit functions, as well as supporting matters involving US regulatory scrutiny, including interaction with the US Securities and Exchange Commission. Before joining AlixPartners, Tan was a senior management director at Ankura, a global consulting and expert advisory firm. Prior to this role, he was a partner in PricewaterhouseCoopers (PwC)'s Forensic Sciences practice. Founded in 1981, AlixPartners is headquartered in New York. It has offices in more than 20 cities worldwide.

Caitlin Wilkinson joins Compass Lexecon as Senior Vice President in London. Compass Lexecon is pleased to welcome Caitlin Wilkinson to the Compass Lexecon team as a Senior Vice President, based in its London office. Caitlin brings over 15 years of experience in European and UK competition and litigation matters. She has advised high-profile clients in merger inquiries and market investigations, State Aid investigations, litigation claims and regulatory appeals. Her sector experience includes power & utilities, energy and natural resources, financial services, healthcare, leisure, retail & consumer goods, technology and transport. Caitlin previously worked as a Partner in Economics Consulting practices at AlixPartners and KPMG. Before that, she worked as an economic adviser at the UK Competition Commission (CC). At the CC, Caitlin provided economic analysis in several high-profile merger inquiries and market investigations. Caitlin is ranked as a Thought Leader in the Lexology Index 2025. She holds a MPhil in Economics and a BA PPE from University of Oxford. Justin Coombs, Executive Vice President and Head of Compass Lexecon International's Executive Committee, commented: "We are delighted to welcome Caitlin to our London team. Her extensive public and private sector experience will further strengthen our UK expert team, building on Nicola Mazzarotto's recent arrival and several internal promotions this year." Caitlin added, "I am hugely excited to be joining Compass Lexecon - a practice that I have always seen as being at the forefront of high quality, rigorous economic analysis. It is a privilege to be part of such a talented group of economists, and I can't wait to get to work."