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Poundland Parent Moves Closer To IPO

Poundland shutterstock_1223281819 725 x 500.jpg

Sky News has reported that Pepco Group, the parent company of Poundland, is understood to be close to appointing banking advisors to oversee a stock market listing. 

An initial public offering (IPO) would likely value the company at approximately £3.4bn, but Steinhoff International Holdings - the South African retail conglomerate which owns Pepco Group - is not thought to have ruled out a sale of the business. 

Steinhoff is reportedly considering listing the business on the London and Warsaw stock exchanges.

Pepco Group operates 2,700 stores across 14 territories, the majority of which are in eastern Europe.  Trading fascias include clothing and home retailer Pepco, and discounters Poundland and Dealz. 

PWC was appointed to sell the two chains to raise money for Steinhoff's creditors, following a 2017 accounting scandal which saw the business overstate profits and assets by nearly $12 billion.

Steinhoff recently sold off its Bensons for Beds and Harveys furniture chains, for an undisclosed sum.  

Source : Insight DIY Team

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10 January 2020

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