Poundland's owner has picked advisers to handle a sale of the discount chain just over a year after it last changed hands. Sky News has learnt that Gordon Brothers, the retail investor which also owns LK Bennett and Radley, has hired Alvarez & Marsal (A&M) to run an auction of the 600-store business. The appointment of A&M follows a beauty parade of advisers held in the last week, and is expected to result in a sale process being launched in the autumn.

The investor is in talks with advisers about launching an auction process for the chain, which employs approximately 12,000 people across around 600 stores in Britain.

Pepco Group NV (FRA:8UX) reports an 8.7% revenue increase and a 20% rise in net earnings, driven by strategic store openings and a focus on high-margin products.

Pepco entered the Romanian market in March 2015 with stores in Bucharest, Ploiesti, and Campina.

Poundland has avoided entering administration but is set to close more stores

The High Court was told on Tuesday that the company would run out of money by September 7 if the scheme was not approved.

Poundland launched a restructuring plan to shut 68 stores.

Poundland is asking a High Court judge to rubber-stamp a restructuring plan.