Poundland secures crucial loan

Poundland has secured a key investment to reduce its dependence on scandal-hit parent, South Africa's Steinhoff. Pepkor Europe, which owns Poundland in Europe, said it had received a £180m loan from US investment firm Davidson Kempner. The loan will replace investment Pepkor Europe expected to be granted by owner Steinhoff to help with expansion plans. As well as Poundland, the loan will help to support UK furniture brands Bensons for Beds and Harveys, which are also owned by Pepkor. Stuart Machin, group chief executive for Harveys and Bensons for Beds, also said Pepkor's loan means the two brands could face the year with "New confidence".

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