Poundland narrowly escapes administration hours before money due to run out

Poundland narrowly escapes administration hours before money due to run out

Poundland has avoided entering administration after a restructuring plan was approved by a judge at the High Court mere days before the company was due to run out of money. Barristers for the retailer had told a hearing earlier on Tuesday that if the plan was not approved, it would be placed into administration by Friday and would run out of money by September 7.

The scheme will inject up to £60 million of new funding to keep the retailer afloat, among other terms. Sir Alastair Norris approved the restructure, saying: “I am going to sanction the plan. I will give my reasons later.”

Following a restructuring plan being sanctioned by a judge at the High Court, Barry Williams, Poundland’s managing director, said: “