UK Discounter Poundland For Sale As Owner Blames Tax [Barron's]
TESCO PLC S/ADR (TSCDY)
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Source: Barrons
"Poundland is a strong brand that serves millions of customers every week... but it is also operating in an increasingly challenging UK retail landscape that is only intensifying," Pepco said in a statement. Finance minister Rachel Reeves announced in her inaugural budget that a tax on businesses would increase next month to help shore up public finances. "From April 2025, the UK government's... tax changes announced in the budget will also add further pressure to Poundland's cost base," added Thursday's statement from the company whose discounter brands across Europe comprise also Pepco and Dealz. Poundland employs around 18,000 staff. The UK economy has struggled to grow since the Labour party won a general election in July, with businesses stating that the looming tax hike has forced them to cut costs. Sainsbury's, Britain's second-biggest supermarket chain, announced in January plans to cut more than 3,000 jobs in the face of a "particularly challenging cost environment
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