The Walsall-based retailer will retain its Poundland branding in the UK and its Dealz moniker in the Isle of Man and Republic of Ireland, with its network of around 800 stores and 16,000-strong workforce remaining intact. Pepco Group is expected to maintain a minority stake in Poundland, as reported by City AM. Mr Williams said: "Poundland is a UK and Ireland retailer of real significance, serving 20m customers each year with a much-loved brand. "Although recent trading has been challenging, we have built a turnaround plan with a simplified and more focused Poundland at its heart, as we aim to deliver the amazing value our customers expect. "In due course we'll share more details of the proposed restructure and turnaround plan. I'd like to thank Pepco for its stewardship of the business. "We welcome Gordon Brothers and look forward to working with them as we implement our turnaround plan."