Pepco stressed that it has a strong balance sheet with access to over €400m in liquidity. In light of its underperformance, Pepco stated that it was taking "immediate and decisive steps" to reorientate its management structure. As a result, Anand Patel, the Managing Director of the Pepco business, is stepping down with immediate effect. He will be replaced by Barry Williams, the Managing Director of Poundland in the UK. Austin Cooke, who is currently Chief Operating Officer (COO) of Poundland, will assume the role of Managing Director of Poundland. Pepco also revealed that it has established a new Group Executive Committee, which it said will undertake a strategy review across the business to place greater focus on addressing costs and initiatives that are likely to generate appropriate returns in the near term, accelerate its transformation into a single business and refocus on core markets.