Steve Smith calls on owners to accept proposed buyout as 12,000 staff face uncertain future in run-up to Christmas

The founder of Poundland has warned that staff at the retailer could be out of work for “years” if it collapses, as he called on the owners of the troubled chain to accept a proposed buyout deal.

Steve Smith, who set up the firm with a store in Burton upon Trent in 1990, said: “Once these jobs are lost, they are lost” from Britain’s struggling high streets. His warning comes as the chain’s 12,000 employees face uncertainty over their future in the run-up to Christmas.