Poundland's store in Wells will remain open despite the discount chain's £1 sale to investment firm Gordon Brothers – and a growing list of UK closures.

The budget retailer was officially sold earlier this week by Poland-based Pepco Group, which has owned the brand since 2016. The sale includes all 800-plus stores across the UK, but comes with a warning that more closures are likely as part of a major restructuring plan due to be reviewed in the high court.

The good news for Wells is that its branch is not among those earmarked for closure at this point. At least five more sites are set to shut in the coming weeks, including Union Gate in Bristol (closing 20 June), and stores in Barrow, Cowes, Flint and Newquay.

Fourteen other branches have already closed since March this year, with locations in Belfast, London, Liverpool and Ipswich among those affected.

Gordon Brothers – also the owner of Laura Ashley – acquired the business for just £1, but will now be tasked with stabilising the brand in an increasingly tough retail market.

Poundland, which was founded in 1990, once dominated the bargain retail space, especially after absorbing rival 99p Stores in 2015. But the chain has struggled in recent years, facing stiff competition from discount rivals like B&M and Home Bargains.

Slowing sales, rising costs and changes to national insurance contributions have all been blamed for the company's downturn. Pepco began considering a sale earlier this year following weak trading in January and February.

Although more closures are expected, the Wells branch has – for now – survived the cut.