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.

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.

British discount retailer Poundland is set to focus its expansion plans on the Irish market in the next nine months.