South Africa’s Steinhoff International — which owns the Dealz-Poundland stores in Ireland — plans to sell almost 7.5bn rand (€509m) of shares in South African financial services firm PSG Group, the latest in a line of disposals aimed at shoring up the retail group’s battered balance sheet.

Steinhoff, the parent group of the Dealz and Poundland discount stores, will have to restate its 2015 accounts and maybe earlier figures, the South African retailer has said, having already warned on its 2016 numbers.

Markus Jooste, the ex-head of Steinhoff who quit this month amid an accounting scandal, is being sued by three South African lenders after a racehorse company he was a director of failed to meet its financial commitments.

Philip Green's Topshop and BHS empire saw annual sales slip and warned recent trading had worsened amid the mild autumn weather.

Discount UK retailer Brown & Jackson today said it had cut its losses by 41%, but warned that Christmas trading would be crucial to its revival.