MP fears Poundland sites could end up as housing

A Coventry MP has expressed concern that if Poundland stores close, their large sites could be sold for housing.

A second buyer, London-based Xyra Group, has made a rescue bid for the discount retailer as it teeters on the brink of collapse, with thousands of jobs at risk.

Responding to questions on BBC CWR's Hot Seat, Labour MP for Coventry East Mary Creagh said she was concerned if stores closed, "we lose that anchor tenant which drives" footfall for neighbouring shops.

The politician, who spoke on the full interview that you can hear here, confirmed there were three Poundland stores in the city. US-based owners Gordon Brothers said the business "remains challenged and vulnerable".

Xyra Group has offered to pay off half of Poundland's outstanding debts - a key sticking point in takeover talks so far - immediately. The rest would be deferred.

Gordon Brothers has rejected a rival bid from an Irish property group which would have saved its 12,000 staff.

The Coventry MP said there were sites on Stoney Stanton Road and Warwick Road, with "one in town".

She added: "They often act as anchor stores, which other little shops cluster around them.

"So my concern is that if they shut, we'll end up with big sites potentially being sold off for housing, as has happened for so many of the sites and the factory sites in Coventry in the past.

"But [my concern is] also that we lose that anchor tenant which drives the footfall for the other neighbouring shops."

Asked if she thought the government could do more to help the retail sector, Creagh replied: "Government can always do more."

The MP added that she thought measures announced in last week's Budget -including taking about 1,500 premises across Coventry out of business rates altogether and freezing business rates for the high street - were "all designed to give businesses breathing space".

During the Hot Seat, she was questioned about the quality of jobs after radio listener Steve got in touch asking what Labour had done specifically for the people of Coventry.

Creagh said: "Well, we've got warehouses, but we also have a thriving financial services sector. We have a lot of pensions providers and life insurance providers."

She also raised JLR, saying the government had extended a £1.5bn "loan facility to JLR to get them through [a]... bump in the road".

"So there are quality jobs... there's a big thriving arts and creativity sector," added the MP, who also brought up Coventry Building Society and stated E:On and Severn Trent had headquarters in the city.

"So the council, I think working with DWP [Department for Work and Pensions] is trying to tackle some of the long-term joblessness here, because what we saw, particularly post Covid, was a big explosion in the young people who are not in employment, education and training."

Creagh said standing against Prime Minister Andy Burnham back in 2015 did not cast a shadow now.

The then shadow international development secretary announced in June that year that she had withdrawn from the Labour leadership race.

The MP: "I saw him in the tea room actually before [Sir] Keir [Starmer] stepped down when it was obvious that he was going to be the prime minister, and I said, 'Oh hello'.

"I was his PPS [Parliamentary Private Secretary] and his whip and back in 2007, 8, 9, right the way up to 10, and I said, 'Oh hello old boss', and then I said 'and new boss'.

"So we had a nice hug in the tea room, nice chat."

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