Business secretary writes to Poundland owner as administration fears build

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.