Steinhoff acquires Poundland in £597m deal

South African retail holding company Steinhoff will strengthen its presence in the British retail sector after agreeing a £597m (€716m) takeover of discount chain Poundland, it said yesterday.

Steinhoff, which already owns the Bensons Beds and Harvey’s furniture chains in Britain, lost out in two other takeovers in Europe this year.

It failed to secure Britain’s Home Retail, which owns Argos, and was unsuccessful in a bid for Darty in France.