Poundland unable to buy new stock as fears over collapse grow

A deadline to secure a buyer for the business is set to expire at midnight, but sources close to the situation have told the BBC that they expect more time will be given, thanks to the release of £10m in funding.

It has until Thursday to secure a rescue deal About £50m has been frozen by its American owner Gordon Brothers, the BBC understands, meaning its 600 shops are running out of stock. Pressure is building on Gordon Brothers, which bought Poundland for £1 last June, after the owner rejected a takeover bid that could have saved the thousands of jobs currently at risk.

- Published Poundland's former owner has said he would invest in the firm as a government minister said she would meet the firm's board.

The Ukraine steel industry estimates steel exports to the EU could ultimately fall by about 50–60%.

John Healey has described the banks as part of "the crown jewels" of the UK economy, yet has refused to rule out a raid on the sector. The biggest four banks collectively made around £15bn profit in the first six months of this year, leading to calls from trade unions and others for additional taxes. However, the banking sector trade body, UK Finance, warned that "further increases in bank taxes would weaken competitiveness, discourage investment and job creation, and work against the government's ambition to deliver growth in every postcode". The UK's biggest banks and building societies currently pay a surcharge of 3% on top of the baseline 25% rate of corporation tax, plus a levy on the assets held on their balance sheets.

Inside the factory, the three-litre diesel engines that will power this camo-painted beast drift down a production line that has seen output cut from 90,000 engines a year to about half that over the last decade.

BBC News understands that Ineos is trying to obtain liquefied natural gas (LNG) directly from the US at lower prices, but that will take up to a year.

He told the BBC failing to invest further in North Sea oil and gas amounted to "insanity" and warned gas storage was so low that the UK could "run out of gas" if there was a cold snap this winter.

The UK government is set to give the go-ahead for a controversial new gas field off the coast of Aberdeen, the BBC understands.

But Weston said if that were to happen, there was a risk the taxpayer would have to bear the cost of funding it, and instead backed a rescue deal put forward by the firm's lenders.

It has until Thursday to secure a rescue deal About £50m has been frozen by its American owner Gordon Brothers, the BBC understands, meaning its 600 shops are running out of stock. Pressure is building on Gordon Brothers, which bought Poundland for £1 last June, after the owner rejected a takeover bid that could have saved the thousands of jobs currently at risk.

- Published One of Poundland's suppliers has said it will lose millions if the firm collapses.

The retailer has filed a notice of intention to appoint administrators, which if approved by the High Court, will give the business 10 days breathing space to find a rescue deal.

"However, when promotions start with unrealistically high prices – and come down to prices which aren't that competitive and dupe customers – we would view that as loyalty that isn't supportive, that isn't transparent and doesn't help customers plan and budget."

One in eight properties on British High Streets are currently vacant, according to Green Street, the property and retail analytics company, a number that's stayed stubbornly high for years. "If there was a silver bullet, it would have been fired years ago," says Jackie Sadek, a former government adviser on urban regeneration, who has spent nearly four decades working in town centre renewal.

"I wouldn't jeopardise my business by selling a fake.

Sainsbury's said it would be "business as usual" for Argos customers, staff, and suppliers.