Modella pulls out of race to buy Poundland

TG Jones owner Modella Capital has pulled out of the race to buy Poundland but will still look to pick up some of its stores if a sale process collapses, City AM can reveal. The private equity firm, which also owns Flying Tiger, had expressed an interest in bidding for the entirety of Poundland but has since withdrawn its interest, sources said. The investment firm may still join the battle to pick up individual Poundland stores should the company be broken up by its owners, Gordon Brothers, the sources added. Poundland s owners are still hoping to find a buyer for the budget chain but retail union Usdaw warned last week the company is teetering on the brink of collapse. Between six and eight retailers have tabled formal bids to buy just some of Poundland’s stores, with these offers ranging from hundreds to just a few of its locations, sources close to the sale said. A number of high street firms are waiting in the wings to swoop in on their preferred Poundland location