Steinhoff has already built up a 23.6 per cent stake in Poundland and its takeover follows a slump in the value retailer's shares over the past year due to a challenging trading market. Keep up to date with Retail Gazette by liking us on Facebook Annual results for the year to March 27 indicated Poundland's underlying pre-tax profits had fallen 13.5 per cent to £37.8 million, while bottom-line pre-tax profits plummeted 83.7 per cent to £5.9 million. Poundland chairman Darren Shapland said the deal provided investors an "opportunity to realise their shareholding at a certain and attractive price"; and that the share price value targeted under its turnaround plan had been achieved earlier than expected given the economic uncertainties in the UK at the moment.