Online retailer set for growth after seven-figure funding deal

Tony Seaton, Associate Director, Blue Sky Corporate Finance

A West Midlands online retailer is set for expansion after securing a seven figure funding deal.

Poundshop.com has secured £1.7m from Foresight, in a deal advised out of Birmingham.

The funding will enable the business to upgrade its IT infrastructure, expand warehousing capacity and implement its marketing strategy.

Poundshop.com was set up in 2014 by chairman Steve Smith, who founded the original Poundland business.

Now the largest UK online, single priced retailer, Poundshop.com was established to offer consumers a wide range of everyday household items available with the convenience of home delivery. It was a service lacking from the high street retailer, to which the business in unconnected.

The deal was brokered by Birmingham-based finance and business consultants Blue Sky Corporate Finance, which advised the retailer’s management team.

Mr Smith said the deal cwould ensure the future growth of the business.

Donna Baker, CEO, Poundshop.com, said: “This is an exciting step forward for our business. We want to be able to continue to provide the largest UK online poundshop and the funding we have secured through the help of Blue Sky has enabled us to fulfil this ambition.”

Tony Seaton, Associate Director, Blue Sky Corporate Finance, said: “It was a pleasure to have worked with the inspirational management team at Poundshop.com and to have helped them secure the future success of the business.”

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