Poundland founder’s son aims to outdo dad in the discount stakes

A SINGLE price retailer set up by the son of Poundland founder Steve Smith is planning to double its workforce and move to bigger premises to meet its own rapid growth.

Chip-off-the-old-block Ashley Smith founded Poundshop.com in February last year. The business, based in Brierley Hill, closely follows the Poundland model and sells everything from Loreal makeup, pet food and even La Senza lingerie for just £1.

Steve went on to sell the Poundland business for £50m in 2000 and Ashley has no less ambitious a target, planning to reach a turnover of £100m within the next three years.

Ashley said: “We’ve captured the ‘Amazon-effect’ in the pound shop market space. Not having physical shops makes us a lot more agile and keeps costs down, meaning we can offer deals that my dad never could. We even managed to get clearance stock of La Senza underwear and sold 80,000 pairs in one day. You just couldn’t do that if you had to get them to the high street.

“When my dad was running Poundland, the average customer would spend about £3 in store. Our average order is £35, which knocks the spots off that. In fact, our biggest ever order was a whopping £813 – the guy ordered everything from bleach to t-shirts to food.”

Part of Poundshop.com’s success has been down to partnerships with websites such as Money Saving Expert and VoucherCodes.co.uk, which send an e-blast to thousands of thrifty shoppers when Poundshop.com has an extra special deal.

The firm is rapidly expanding, with plans to increase the team from 10 to 20 people and will soon be moving to bigger premises in the West Midlands.

Ashley added: “It’s a 24-hour business, with customers ordering through the night. We’ll deliver to them the very next day, so for many people it’s more convenient than going to the shops.”