Under-fire Poundland owner 'among suitors' for footwear chain Dune

The beleaguered owner of Poundland is among the parties who have been considering offers for Dune, the British footwear retailer, even as its biggest UK high street asset teeters on the brink of collapse.

Sky News has learnt that Gordon Brothers has been considering submitting a takeover bid for Dune in recent weeks, although it was unclear whether the furore surrounding its stewardship of Poundland would impact its ability to do so ahead of a deadline this month.

Dune was put on the market in September by founder and chair Daniel Rubin.

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The process is said to have attracted interest from a number of strategic and financial bidders.

It is being run by advisors at FTI Consulting.

The prospect of Gordon Brothers being involved in another UK retail deal even as it faces intense opprobrium over its ownership of Poundland is likely to spark a critical response in Westminster.

One retail executive said Gordon Brothers could choose to back out of the Dune process with Poundland facing such an uncertain future and the US investment firm likely to be summoned back to parliament for a public hearing.

Wednesday's session, which saw Mark Newton-Jones, Gordon Brothers' European boss, give evidence in private, prompted a sceptical response from MPs on the business and trade select committee.

Liam Byrne, the committee chair, wrote on the social media platform X: "I'm deeply concerned that Gordon Brothers' behaviour may have jeopardised thousands of jobs on Britain's high streets.

"Over the last 17 months, they have taken millions out of Poundland when the business was on a 'knife edge'."

He added: "Now Poundland appears to be on the rebound, there's concerning signs it's been strangled of access to its own funds in what should be its busiest trading period in the run up to Christmas.

"Worse, Gordon Brothers refused to say it will prioritise saving jobs over and above its own financial returns.

"The prospect of a good outcome however is now higher thanks to the focus on the business of the last week.

"But Gordon Brothers now needs to do the right thing: give Poundland the access it needs to its own funds, and work as hard as possible for a future that protects the maximum number of jobs and stores."

A notice of intention to appoint AlixPartners as administrators to Poundland, which expires on Thursday, is in the process of being extended.

That will buy Poundland additional breathing space from its creditors while advisors consider a number of solvent offers for the business.

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Gordon Brothers is one of a crop of firms which specialise in buying distressed retail assets, often profiting from their demise.

Sky News revealed last weekend that it had already received more than £18m from Poundland in various fees and charges, having bought it less than 18 months ago.

When asked to comment on at least three separate occasions, Gordon Brothers responded by saying that it did not comment on speculation about potential acquisitions.

FTI Consulting declined to comment.

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