Poundland takes on eight Peacock stores with more a possibility

BLACK COUNTRY based discount retailer Poundland has purchased eight former Peacocks stores in a deal which has created jobs for more than 200 people.

The Willenhall firm is now in discussions about the possible acquisition of more of the former clothing chain’s outlets.

Poundland, which has 389 stores nationwide, said the first three of the former Peacock store would open in Seacroft, Haringey and Newmarket on April 5.

It also confirmed it would be opening in ex-Peacock’s stores in Yate, Brighton, Dartford, Falkirk and Hoxton. The new stores will give the discount retailer approximately 44,000 sq ft of additional retail selling space.

The deal has seen the creation of 220 jobs and local recruitment is under way.

Jim McCarthy, Poundland’s chief executive, said: “Poundland has grown significantly over the past 12 months and we will continue to open new stores creating local employment opportunities. We are delighted to bring our unique and well proven single price discount proposition and provide amazing value every day to thousands of new customers in these towns.”

Poundland is Europe’s biggest single price discount retailer and serves more than 4m customers a week.

The firm’s growth strategy is to open at least 50 new stores every year which if successful, would create approximately 2,000 new jobs.

In June 2010, Poundland was acquired by Warburg Pincus, a leading global private equity firm. Warburg Pincus acquired a majority stake with the management at Poundland retaining a minority shareholding and continuing to lead the business.