Second buyer makes rescue bid for Poundland as retailer faces collapse

A second buyer has made a rescue bid for Poundland as the discount retailer teeters on the brink of collapse, with thousands of jobs at risk.

London-based Xyra Group has offered to pay off half of Poundland's outstanding debts - a key sticking point in takeover talks so far - immediately. The rest would be deferred.

With Poundland close to collapse, US-based owners Gordon Brothers have already rejected a rival bid from an Irish property group which would have saved its 12,000 staff.