Poundland seeks to slash rents in run-up to possible flotation

Retailer’s parent group fuels rumours of IPO with name change and cost cutsPoundland is seeking to slash rents by a quarter as it renegotiates leases on nearly 90% of its stores over the next five years in a cost-cutting exercise before a potential initial public offering next year.The company expects to save £20m through lower rents on its 840 stores as it battles against rising costs and heavy competition as well as suppliers’ demands for upfront payment after credit insurers