Poundland ‘frontrunner’ Xyra Group asks retailer’s founder to join bid

The little-known investment firm emerging as a “frontrunner” to buy Poundland has called on Steve Smith, the retailer’s founder, to bolster its bid for the struggling firm. Xyra Group Holdings, founded by 23-year-old Manvedeep Singh, has asked Smith to lend support to their £12.5m bid to keep Poundland afloat as the discount retailer veers towards collapse, City AM has learned.  Smith has had conversations with Xyra Group in recent days but does not plan to take part in any takeover efforts until a deal has been completed, it is understood. The Poundland founder, who set up the retailer with his father, Kevin Smith, in 1990, had been weighing investing in the company himself or backing a rival offer tabled by Martin Property Group but has ruled out both options. Gordon Brothers, the US investment firm which owns Poundland, is racing to find a solvent buyer for the retailer before a moratorium blocking creditors from calling in their debt lapses on Thursday.  The firm’s