Steinhoff, the South African retailer has confirmed it is looking at making an offer for Poundland. In accordance with UK takeover rules, Steinhoff need to confirm its bid by 13 July.
Harvey’s, the UK furniture chain is owned by Steinhoff and produces the majority of their products in developing countries to be sold throughout Europe.
The company was also involved in a takeover battle for the French retailer, Darty and the UK based Home Retail Group who owns Argos, which they both failed to do.
Poundland has been a major household name retailer since 1990 and has opened over 500 stores across the UK, Ireland and Spain. The retailer comes under the name, Dealz in Ireland and Spain.
The two-year plan by Steinhoff is to open an additional 16 new shops across its currently locations.
In 2015, Poundland was successful in taking over rival 99p Stores but has experienced a slowdown in current sales.
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