The future of three Peterborough Poundland stores hangs in the balance after directors of the retailer filed a notice of intention to appoint administrators.

The move was prompted after the majority owners, Gordon Brothers, refused a solvent bid from Martin Property group, which increased the probability that the business could fall into administration.

The notice has been filed by the retail directors and, if approved by the High Court, will give the business 10 days’ breathing space to find a rescue deal.

Peterborough has Poundland stores at the Hereward Cross Shopping Centre in the city centre, Brotherhood Retail Park and the Bretton Centre.

Poundland at Brotherhood Retail Park in Peterborough.

placeholder image — Poundland at Brotherhood Retail Park in Peterborough.

Usdaw National Officer Bally Auluk said: “It has been an incredibly distressing week for Poundland staff who have had to watch from the sidelines as a multi-billion pound company jeopardises their livelihoods as it tries to extract £30m from a business it bought for £1.

“Poundland’s managing director Barry Williams has reluctantly filed a notice of intention, to give the business time to find a rescue deal and prevent Gordon Brothers from breaking up the business.

“We are urging Gordon Brothers to reconsider and to prioritise a unified buyer who will protect the livelihoods of 11,000 people.”