Poundland which has branches in Ivybridge and Dartmouth has been sold for less than £1 to global investment firm Gordon Brothers.

Up to 100 stores could close and the future of the two South Hams branches isn’t known at this time.

The current owners are the Polish firm Pepco Group who sold the retailer for a nominal €1 which is worth around 85p.

Gordon Brothers will invest £80m including and existing secured loan and a further £80m overdraft.

The discount chain was founded in 1990 by Dave Dodd and Steven Smith with all items at £1 but stiff competition from the likes of Aldi, Lidl, B&M and Home Bargains led it to abandoning it’s £1 price point.

The chain has also suffered significantly from shoplifting.