PLND.L Regulatory News (PLND)

18 June 2015

Directorate Changes

Poundland Group Plc (the "Company"), Europe's biggest single price discount retailer, announces the resignations of Paul Best as a non-executive Director of the Company with effect from 17th June 2015 and of Richard Lancaster as an Executive Director, also with effect from 17th June 2015. 

Paul Best - non-executive Director

Paul Best has represented Warburg Pincus LLC, the Company's principal shareholder, on Poundland's Board since its investment in the Company in June 2010. Paul's resignation 15 months post the IPO follows the decision of Warburg Pincus to reduce its shareholding in the Company to 16.4% earlier this year.

Darren Shapland, Poundland's Chairman, said: "In the five years he has been a member of the Board, Paul has been a great source of advice and technical insight, providing commercial and investment support leading to the successful IPO last March. He leaves with the appreciation and thanks of the whole company and we wish him well for the future."

Paul Best said: "I have thoroughly enjoyed my tenure as a director of Poundland and feel privileged to have been part of a team that has overseen the growth and development of the business. I am very confident that the Poundland growth story will continue and wish the business every success in the future."

Richard Lancaster - Executive Director

Richard Lancaster joined Poundland in July of 2012 and was appointed to the Executive Board in February 2014. Richard leaves the business to join the Co-operative Group, based in Manchester, as Managing Director of their Funeralcare business.

Jim McCarthy, Poundland's Chief Executive, said: "In the 3 years he has been with the business, Richard has added significant value. Richard leaves with the appreciation and thanks of the whole company. We wish him well for the future."

Richard Lancaster said: "I have thoroughly enjoyed my role as Trading Director of Poundland and feel proud to have been part of the leadership team of such a growing and successful business. I am confident that Poundland will continue to grow and prosper and wish the business every success in the future."

For further information please contact:

Citigate Dewe Rogerson +44 (0)20 7638 9571

Simon Rigby

Angharad Couch