Innovest, the Irish investment firm linked to Reform UK, has re-entered the race to buy Poundland after providing proof of funds for a bid covering the entire company, according to sources — just hours before the retailer's owners face questioning by MPs.

The firm, run by Irish businessman Shane Corby, had been effectively discounted from the running last month. Its revival as a credible bidder rests on that proof of funds; the actual value of the offer is not known, and it is understood the current funded offer is lower than the sum Innovest initially promised. Neither Innovest nor Corby could be reached for comment. Gordon Brothers declined to comment.

The political dimension is hard to miss. Innovest has reportedly received public backing from Robert Jenrick, Reform's Treasury spokesperson, and is being advised by Charles Bunker, a former Reform election candidate. What does this change for the sale process? Potentially nothing yet: proof of funds is a threshold, not a price, and Gordon Brothers has already refused multiple solvent offers.

Why has Gordon Brothers refused bids?

The US investment firm, which bought Poundland for £1 last year, insists it be paid in full for a £22.5m loan it inherited from PepCo, the previous owner. That demand has blocked otherwise viable deals:

• Xyra Group, a little-known firm run by 23-year-old Manvedeep Singh, offered £12.5m up front.
• Martin Property Group, owner of National Car Parks, offered £7.5m.
• Innovest's funded offer reportedly falls below its original promised sum.

All three fall short of the £22.5m repayment Gordon Brothers is demanding. Critics speculate the firm is deliberately pushing Poundland towards collapse to extract more money from it — a charge the firm has not publicly addressed.

How close is Poundland to collapse?

Very close, by the company's own filings. Poundland's owners filed a notice to appoint administrators last week, giving the retailer until Thursday this week to secure its future before creditors can call in their debts. Management could apply to extend the moratorium, City AM understands.

One lifeline has appeared: Gordon Brothers decided to release £10m to Poundland to pay suppliers, a move announced hours before the parliamentary hearings and one that may help the retailer avoid imminent collapse. The timing invites scrutiny. A firm refusing solvent offers while simultaneously releasing emergency funding is either stabilising its asset or managing its optics — MPs will press on which.

What will MPs ask today?

At around 2pm, the Business, Innovation and Trade Committee will grill bosses from Gordon Brothers and Poundland in separate hearings. Mark Newton-Jones, a senior managing director at Gordon Brothers, is expected to attend the first session, followed by Poundland's own leadership.

In an unusual step, MPs agreed to hold the sessions in private because of the sensitivity of commercial information that could emerge during the 10-day moratorium protecting Poundland from creditor action. Details are expected to be disclosed when the moratorium ends on Thursday.

The committee is expected to demand answers on three fronts, City AM understands: debt repayments owed by Poundland, the protection of some 12,000 jobs, and whether Gordon Brothers has genuinely considered acceptable bids. Members are also probing the firm's role in any administration process and whether it has racked up fees that boost its own returns.

Committee chair Liam Byrne is expected to set the tone. One source close to the committee said members would "go pretty hard" on Gordon Brothers, and predicted Byrne would lead the session as an "absolute tiger".

What happens on Thursday?

Thursday is the effective deadline. If no deal is agreed and the moratorium is not extended, creditors can call in their debts and administration becomes the likely path. The known offers — £12.5m, £7.5m and an undisclosed Innovest figure — still do not cover the £22.5m loan repayment at the centre of the standoff.

Until Gordon Brothers signals flexibility on that number, or a bidder matches it, today's hearings are theatre surrounding an arithmetic problem. The £10m released to suppliers shows the firm can act when it chooses; whether it chooses to sell remains the unanswered question.