Poundland sold for £1, with dozens of store closures expected

Buyer Gordon Brothers will invest up to 80m in discount retail chain to try to turn business around

The discount retail chain Poundland is expected to close dozens of its stores after it was sold to the investment company Gordon Brothers for 1.

Poundland, which has more than 800 outlets in the UK and employs about 16,000 people, was put up for sale by its owners, Pepco Group, in March as a result of challenging trading conditions".