B&M eyes Poundland stores as discount chain sale process gathers pace, Sky News reports (updated)

B&M European Value Retail

Mon 13:52

Adds B&M's response in bullet 7
Oct 19 (Reuters) - Discount retailer B&M BMEB.L is seeking to acquire a small number of stores from rival Poundland as part of any break-up of the struggling chain, Sky News reported on Monday.
B&M is participating in the sale process but is interested in acquiring only a limited number of Poundland stores, the report said
Any deal is likely to involve only a "low double-digit" number of outlets, according to a person familiar with the matter cited by Sky News
Poundland, which operates nearly 600 stores, is exploring a sale or break-up, with owner Gordon Brothers recently appointing restructuring specialists to oversee the process
At least two solvent bids have been submitted, including one from Ireland's Martin Property Group, which is favoured by Poundland's management team 
Poundland's UK and Irish businesses could be sold separately as part of the process, the report added
Supermarket chain Lidl and retailers the Range and Poundstretcher are also interested in acquiring some stores, Sky reported
B&M declined to comment, while Gordon Brothers did not immediately respond to Reuters requests for comment

 (Reporting by Atharva Singh in Bengaluru; Editing by Joyjeet Das)
 ((Atharva.Singh@thomsonreuters.com;))