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Exclusive: Poundland MD Austin Cooke exits

Poundland’s managing director Austin Cooke has left the discount chain less than two weeks after ex-boss Barry Williams returned to the helm, Retail Gazette has learnt.

Cooke, who stepped down this week, took over from Williams in September 2023 when he moved across to manage the retailer’s parent company Pepco’s operations in Europe.

Williams is currently overseeing a “comprehensive assessment” of Poundland and its sister chain Dealz in the Republic of Ireland.

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It is unclear who will replace Cooke or Williams, who has returned on an interim basis to help formulate the new strategy for the discount chain that Pepco will present at its Capital Markets day on 6 March.

The group is currently working with advisors at AlixPartners and is reported to be considering a sale of Poundland or a formal restructuring process that could result in job cuts and store closures.

It comes as the discount chain reported its like-for-like sales had fallen 7.3% in its first quarter to 31 December, which it attributed to continued weak clothing and general merchandise performance as well as challenging market conditions.

Pepco said it expected its toughest comparative quarter for Poundland was now behind it, and that it anticipated the negative sales performance to moderate as it moved through the year.

Poundland declined to comment.

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