Poundland owner Pepco avoids London to float in Warsaw

Poundland owner Pepco announced his intention to go public in Poland this morning, a blow to the London financial market.

Pepco said he intended to apply for listing and admission on the Warsaw Stock Exchange, and said he chose Poland because it is the largest operating area in the ‘company.

The discount retailer, which has more than 3,200 stores in 16 countries, said it has identified 8,000 new store opportunities over the next 20 years.

Pepco CEO Andy Bond said: “Today’s announcement of our intention to list on the Warsaw Stock Exchange marks an important milestone for the Group.

“We are firmly positioned to generate significant long-term growth, given our market-leading client proposition in the most attractive retail industry, the breadth of opportunities that await us as we expand into the industry. all over Europe and investment in strengthening the company’s infrastructure in recent years.

In March, Pepco said he was considering listing in London or Warsaw.

Pepco’s ultimate owner Steinhoff is still battling the fallout from an accounting scandal in 2017 and since 2019 the company and its creditors have been weighing options for Pepco.

He said he would sell at least 15 percent of Pepco’s shares.

Pepco has appointed Richard Burrows, chairman of British American Tobacco, as chairman and will appoint four other non-executive directors.

He also gave a business update.

For the six months ended March 32, revenue growth was 4.4%, reflecting the opening of 225 net new stores.

However, comparable store sales fell 2.1%, due to store closings linked to the Covid-19 pandemic and the retailer not selling online.

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