The Steinhoff takeover of Poundland could be blocked after US hedge fund Elliot Capital raised its stake in the business to 22.7%. A vote to approve the takeover will be held on September 7th and Elliot Capital now owns enough stake in the company to halt the takeover if it votes against it.

Elliot Capital has a reputation throughout the industry for investing in companies and forcing bidders to raise their offers. On August 11th Steinhoff was forced to raise their bid for Poundland to £610 million, which it emphasised was its final offer, having raised its bid several times previously.

If Elliot Capital votes against the bid, this could lead it to collapse.

Steinhoff, which already runs the Benson for Beds and Harveys furniture chains, has already warned that the Brexit vote could impact its business, having already missed its annual estimates.