Steinhoff has upped its stake in Poundland despite rethinking a takeover bid in light of Brexit and the value retailer’s recent financial performance.

The South African retail giant today raised its stake in Poundland to 23.5% from a previous holding of 23.2%.   

Steinhoff revealed last week that Poundland had rejected its initial takeover approach.

The retailer, whose UK interests include Bensons for Beds, said it was considering its position due to Poundland’s results this month and “the impact of the EU referendum on global markets”.

Earlier this month, Poundland reported EBITDA slid 4.1% to £56.9m as like-for-likes fell 3.9%.

Steinhoff has already failed in two other takeover bids this year after it lost out on acquiring Argos owner Home Retail Group and French electricals retailer Darty.

 

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