Poundland’s US owners are set to give evidence to MPs in private next week as talks continue over the future of the discount chain.
Earlier this week, Liam Byrne, chairman of Parliament’s Business, Innovation, Science and Trade Committee, called on bosses at Gordon Brothers – which bought Poundland for £1 last year – to face questioning over its stewardship of the business.
Sky News reported earlier on Friday that the US investment firm sought to have an evidence session behind closed doors to avoid it becoming “a show trial”.
Mr Byrne confirmed that the committee will permit a private session in “the first instance” following assurances on Thursday that Gordon Brothers is holding talks to seek a sale deal which could preserve jobs at Poundland.
He added: “Since we asked Gordon Brothers to appear before Parliament, we’ve been in daily contact and we understand they are now in active talks with several credible buyers about selling Poundland as a going concern.
“We want those talks to succeed and we want to understand what I know will be highly sensitive commercial information in detail.
“When you own a retailer of this size, the decisions you take in the boardroom are felt in homes and on high streets up and down the country.
“Parliament must know that every step possible is being taken to save the business.”
The future of Poundland’s 600 stores and roughly 11,000 workers remains in the balance as talks continue over a potential sale deal.
It comes after the group filed a notice of intention to appoint administrators last week, which gave the owners 10 days of breathing room from creditors to strike a rescue deal.
However, it is understood Poundland’s directors have lined up advisory firm AlixPartners to oversee a potential insolvency if a takeover deal is not agreed.
On Thursday, the US owner said the high street chain remains “challenged and vulnerable” and it is seeking to “protect as many jobs as possible”.
Earlier this week, executives from Gordon Brothers and Poundland separately held meetings with Government ministers regarding the future of the retailer.
Gordon Brothers has received takeover offers from Irish real estate business Martin Property Group and investment firm Xyra Holdings.
It has also received a number of offers for parts of the business from major retailers, including Tesco, Poundstretcher and B&M, which would ultimately lead to a break-up of the business.
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