Poundland must find a rescue deal by Thursday or risk administration that would threaten up to 12,000 jobs, the BBC reports. Steve Smith, the founder who established the Walsall-based discount retailer in 1990, said he would invest in the firm after learning owners Gordon Brothers had filed for administration despite sales rising 11% year-on-year. Business Minister Kate Dearden will meet senior Poundland executives later this week in a "fact finding" meeting, though government sources said scope for intervention in the commercial transaction is limited. Gordon Brothers, which bought Poundland from Polish retail group Pepco last year for £1, has stopped funding the business and rejected a takeover offer from Irish firm Martin Property Group. Gordon Brothers stated it is evaluating interest for the whole business and formal and indicative offers for significant viable parts of it. Smith expressed frustration at not hearing back from owners over three months of contact attempts, noting the business was performing well operationally. "Although Poundland made a loss last year, they're going to make a good profit this year, so it's just crazy," he said. Liam Byrne, chair of the Business, Innovation, Science and Trade Committee, said the company could be saved and called on government to act before Thursday's deadline. The retailer operates 600 stores across the UK and Ireland.