An Irish investment firm linked to Reform UK has re-entered the race to buy Poundland as the retail chain’s owners prepare for a showdown with MPs.

Innovest, run by Irish businessman Shane Corby, had been effectively discounted from the running to buy Poundland last month, but has since provided proof of funds for its bid to buy the entire company, sources told . 

Innovest has reportedly received public backing from Robert Jenrick, Reform’s Treasury spokesperson, and is being advised by former Reform election candidate Charles Bunker.

Gordon Brothers, the US investment firm which owns Poundland, has refused a number of solvent bids to the retailer because it is insisting that it be paid in full for a £22.5m loan it inherited from PepCo, the group’s previous owner, when it bought the company for £1 last year.

Xyra Group, a little-known investment firm run by 23-year old Manvedeep Singh, has offered to pay £12.5m up front, while Martin Property Group, which owns National Car Parks, has offered £7.5m. The value of Innovest’s bid is not known, but it is understood its current funded offer is lower than the sum it had initially promised. 

Innovest and Corby could not be reached for comment. Gordon Brothers declined to comment.

Gordon Brothers has faced significant criticism for refusing solvent offers for Poundland, with some speculating that the group is attempting to push the retailer towards collapse to allow it to strip more money from the firm.

Poundland’s owners filed a notice to appoint administrators last week, giving it until Thursday this week to secure the retailer’s future before its creditors can call in their debts. 

The company’s management could apply to extend this moratorium, understands. Gordon Brothers’ decision to release £10m to Poundland to allow it to pay suppliers may help the retailer avoid imminent collapse.

MPs to ‘go hard’ on Poundland owner

At around 2pm, parliamentarians on the Business, Innovation, Science and Trade Committee will grill bosses from Gordon Brothers and Poundland in separate hearings. 

Gordon Brothers has come under intense scrutiny from Liam Byrne, the chair of the committee. Mark Newton-Jones, a senior managing director at the investment firm, is expected to attend the first grilling, followed by a second meeting with Poundland’s top brass. 

In an unusual step for committee hearings, MPs agreed to allow sessions to take place in private due to the sensitivity of commercial information being revealed during the current 10-day moratorium that is protecting Poundland from creditor action. 

Details of the meetings are expected to be disclosed when the moratorium ends on Thursday.

The committee is expected to demand answers on debt repayments owed by Poundland, the protection of jobs for some 12,000 people and whether acceptable bids have been considered by Gordon Brothers, understands. 

Members of the committee are also concerned about Gordon Brothers’ role in the administration process and whether it has racked up extra fees that are boosting returns for the firm. 

One source close to the committee said they expected Byrne to lead the session as an “absolute tiger”, adding that members would “go pretty hard” on Gordon Brothers.