Future remains uncertain for Poundland in Magherafelt

It comes as the major high street brand closed a number of shops in the UK recently.

Just days ago, one of the UK’s biggest unions warned that the company could fall into administration putting thousands of jobs at risk.

The Magherafelt store, located within Meadowlane Shopping Centre, first opened its doors in 2008 and currently employs 20 staff members.

The Derry city-based Martin Property Group had been linked to a potential management-led buyout of the discount retailer.

However it has since emerged that a number of other rival discount brands, including B&M and Poundstretcher, have expressed interest in buying up profitable store locations.

Ulster Unionist Party Representative for Magherafelt DEA, Marion Haydock, says she is concerned for the future of the Poundland store in Magherafelt and the jobs of its staff.

“The future of the entire chain of 600 Poundland stores and 12,000 staff in the UK remains highly uncertain because of the financial crisis surrounding Poundland’s parent company, Gordon Brothers, who unexpectedly put the chain of stores up for auction. Poundland has 20 stores in Northern Ireland and so far, the Magherafelt store has managed to survive previous rounds of closures,” she said.

“Currently Poundland’s management team is pressing for a buyout backed by Northern Ireland based real estate firm, Martin Property Group, who have expressed a commitment to retain Poundland’s existing store network and workforce. It is reported that rival discount brands including B&M, Lidl, The Range and Poundstretcher have entered the bidding race, but these brands are primarily interested in buying up specific, profitable store locations rather than saving the whole company.”

Mrs Haydock added: “For now the Poundland store in Magherafelt is operating as normal yet behind the headlines are 20 employees in our local store who are worried about their jobs and providing for their families. It is my hope that a favourable buyer will soon be found and that these jobs will be saved.”

Poundland has been contacted for comment.