Poundland faces running out of cash within days unless a restructuring proposal receives court approval, the High Court has heard.

The discount retailer is seeking judicial backing for a rescue plan that would prevent it from collapsing into administration, with legal representatives warning during Tuesday's proceedings that funds will be exhausted by September 7 without court sanction.

The chain, which began trading in Burton upon Trent, Staffordshire, in 1990, employs roughly 14,700 people across approximately 800 outlets.

The company revealed intentions to close 68 branches in June following its acquisition by Peach Bidco, a Gordon Brothers private equity subsidiary, from Pepco Group for just £1.

In written arguments presented to the London hearing, Tom Smith KC, representing Poundl

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