Discount retailer Poundland to close Peterborough store after being served notice by landlord

Discount retailer Poundland has revealed it is to close its store in Peterborough's Bridge Street after being served notice by its landlord.

By The Newsroom
Thursday, 1st November 2018, 9:10 am
Updated Thursday, 1st November 2018, 10:11 am
Set to shut - Poundland in Bridge Street, Peterborough.
Set to shut - Poundland in Bridge Street, Peterborough. EMN-181031-082940009

A closing down sale began at the store on Monday.

Posters advertising the sale with 25 per cent off most products were pasted on the windows of the store.

The store, which employs six members of staff, will close on November 10.

Sign up to our daily newsletter

However, the premises are not likely to be empty for too long.

Negotiations are already under way with a national retailer keen to move into the three storey building.

It is understood the new interest comes from a non-fashion retailer, which already has a presence in Peterborough but is looking to open an additional store in the city.

The new occupier could move in by next spring.

Poundland’s departure comes just four months after the building was sold at auction for £700,000 to a local investor.

The auctioneer’s website shows that Poundland was paying a peppercorn rent.

Its five year lease included a mutual rolling break option on six weeks notice.

Julian Welch, director of Barker Storey Matthews, in Peterborough, letting agents for the landlord, said: “Poundland had a short-term, discounted lease.

“But we managed to identify a long term tenant on a commercial rent.”

A spokeswoman for Poundland said: “We have been served notice by the landlord, hence the need to vacate the premises.

“Three staff have taken redundancy, the other three have moved on to other more senior roles in surrounding stores.

“We hope to open a store in Peterborough again in the future but do not have any dates confirmed.”