Poundland owner closing in on deal to buy Radley - report

(Sharecast News) - The owner of discount retailer Poundland is reportedly close to a deal to buy handbag maker Radley that will trigger another wave of retail job losses.

According to Sky News, Gordon Brothers - which specialises in distressed retail investments - could strike an agreement to buy Radley as early as Tuesday.

City sources told Sky that Radley was lining up the restructuring firm FTI Consulting as administrator with a view to completing a sale via a pre-pack administration of its brand and other intellectual property assets.

They said the deal was unlikely to include Radley's existing retail operations, meaning some job losses were inevitable. Sky said the size of Radley's workforce was unclear on Tuesday.

Radley was put up for sale earlier this year by private equity firm Freshstream, which has owned the brand for a decade.

Sky News revealed last month that Gordon Brothers was among the suitors for the business.