Bankers at Investec look set to help seal one of the few sizeable foreign takeovers of a UK company since the country’s vote to leave the European Union in late June.

The bank is advising South African retail group Steinhoff on an offer for British retail chain Poundland, which runs a chain of shops in which most items sell for £1. The group announced on July 13 that it had agreed a recommended offer from Steinhoff Europe, a Steinhoff subsidiary, of 222p per share. That values Poundland at about £597 million.