Poundland taken over by South African group in £600m deal

Discount chain Poundland has been bought by South African retail group Steinhoff International for £597m.

Steinhoff owns 40 retail brands in 30 countries, including Bensons for Beds and Harveys in the UK.

Poundland operates more than 900 stores across the UK, Ireland and Spain, and employs 18,000 people, but recently announced falling profits.

Poundland chairman Darren Shapland said: "The Poundland board believes that Steinhoff's all-cash offer presents Poundland shareholders with an opportunity to realise their shareholding at a certain and attractive price."

Last month, Poundland reported a fall in full-year profits as it admitted the integration of 99p Stores, which it bought in September last year, had placed a "strain" on its business.