US-based buyout firm in ‘£120m bid for Poundworld’
ONE of the world’s biggest buyout firms is in advanced talks to buy Poundworld, it is understood.
US-based TPG has been in exclusive negotiations to buy the Yorkshire-based company for more than a month, Sky News has said.
Poundworld is expected to be valued at more than £120m as part of any deal, which would lead to a massive windfall for founder Chris Edwards.
It is not clear how quickly TPG and Poundworld will be able to strike a deal.
Now employing around 5,000 staff and with a turnover of £340m, Poundworld has more than 240 stores across the UK and has grown to be the third-largest single price point retailer in the UK.
Established in 1974 by Mr Edwards, the retail chain was originally branded Everything’s a £1 before the introduction of the Poundworld brand in 2004. Over the past 40 years, the business has adapted to changing retail markets, while maintaining the £1 price point through many economic cycles.
Last year it announced significant expansion plans backed by £26m funding from Santander.
The Wakefield-based company plans to open between 40 to 50 new stores per year over the next three years, as well as operating more distribution depots.
