Budget retailer teams up with bank to help growth plans

YORKSHIRE business Poundworld Retail has announced a new partnership with Barclays to help its strategic growth plans.

Family owned Poundworld, headquartered in West Yorkshire, has 214 stores nationwide and has plans to open a further 100 stores over the next three years.

Chris Edwards, managing director of Poundworld, which employs over 4,300 staff nationwide and now has a turnover of over £290m, said: “We have ambitious growth plans for the future and felt that the time was right to find a new financial partner to support us in the next phase of our growth strategy.

“Barclays has provided a suite of banking products which includes working capital, trade finance and term debt that supports our strategic aims into the medium term.”

The move to Barclays includes a new funding deal which will provide working capital, trade finance and term debt, enabling the business to plan with confidence going forward.

Graham Holland, relationship director at Barclays, said: “The funding provided by Barclays will immediately enable the company to support higher levels of trading activity across their enlarged business and allow further investment and diversification of their product ranges.

“The management team impressed us with the focus and delivery of their plans and they are well positioned to consolidate their position as a leading UK value retailer.”