Poundland’s managing director has stepped down amid reports of a sale

Cooke had been in his role since September 2023, taking over from previous boss Barry Williams.

Last month, Williams returned to the Poundland board on an interim basis following a stint at its parent company, Pepco, to address underperformance in Europe.

He has returned to oversee a comprehensive assessment of Poundland and Dealz in the UK and Ireland.

It is not known who will replace Cooke or Williams, according to Retail Gazette.

The news arrives after Pepco Group chief executive Stephan Borchert and chief financial officer Neil Galloway resigned from the Poundland board.

The UK and Ireland-based discount chain is also currently working with advisors at Alix Partners, as reports say the group is weighing up options including a sale or a formal restructuring process.

Sources close to Pepco recently said the immediate focus of the advisors is on improving Poundland’s cash performance and reviving its customer proposition.

Poundland reported a 7.3% drop in like-for-like sales in the quarter to December 31.