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Investing.com -- Pepco Group has finalized the sale of Poundland to Gordon Brothers for a nominal consideration, according to a company announcement.
As part of the transaction, Pepco’s secured loan of £30 million and certain unsecured loans will remain in place between Pepco Group and Poundland. Additionally, an overdraft facility of up to £30 million will be established between the two companies upon completion of the proposed restructuring, referred to as the "Pepco Loans," to support the transaction.
Citi analysts responded positively to the news, stating: "We welcome the news and believe that now management of the business would be much easier: the group structure would be simplified, the reported results would be more transparent, the growth outlook would be more positive and the market sentiment towards the name should improve.
However, we are still not fully clear what would be the the total cost of the disposal."
The sale marks a significant change in Pepco Group’s business portfolio as it divests the Poundland brand to Gordon Brothers, a global advisory and investment firm.
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