Poundland at Newark’s St Marks Place confirms there are no plans to close the town’s store

It has been confirmed that a chain store has no plans to leave the town centre despite rumours.

Following an announcement by Pepco Group, which owns Poundland, that it was going to refocus its business on a single brand - Pepco - in mainland Europe, hundreds of shops face an uncertain future.

The group, with headquarters in Poland, is said to be looking at future options for Poundland, which could include a sale of the budget variety store.

Following the announcement, rumours across Newark said that the shop at Newark’s St. Marks Place was to be closing later this year, potentially by the end of the summer.

A representative of the bargain store said: “There was no announcement about any store closures.

“I am afraid that’s simply been wild speculation not based on any facts.

“There are no plans to close our store in Newark.”