Poundland owner Pepkor prepares for €4bn flotation or sale
By Sean Farrell
Date: Friday 16 Aug 2019
(Sharecast News) - Poundland's owner Pepkor Europe is reported to be preparing a €4bn (£3.7bn) sale or flotation in September after untangling itself from its troubled parent company.
Pepkor Europe has held meetings with legal advisers and will enlist bankers to work on a two-pronged process that could lead to a stock exchange listing or a sale, The Times reported.
Poundland was bought by South Africa's Steinhoff two years after its flotation in 2016. Steinhoff combined Poundland with its Pepkor European discount chain and the budget fashion brand Pep & Co. Steinhoff came close to collapse in 2017 because of a €6.3bn accounting scandal that required it to do a deal with creditors.
Pepkor Europe has refinanced a high-interest loan in the past few days, severing ties with Steinhoff, The Times said. Pepkor Europe has 2,743 shops, including 853 branches of Poundland in the UK and Ireland. Steinhoff's Bensons for Beds and Harveys UK retail businesses are likely to be sold after the separation of Steinhoff and Pepkor Europe, The Times said.
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