Poundworld announces expansion plans
POUNDWORLD has announced significant expansion plans thanks to funding worth £26m.
The Wakefield-based retailer, which established the “everything for £1” concept, plans to open between 40 to 50 new stores per year over the next three years, as well as operating more distribution depots.
The company also plans to develop its international supply chain. 30% of Poundworld’s suppliers are now based overseas and the funding from Santander Corporate & Commercial, which includes a $30m import loan facility on extended terms, will help the firm develop its international supply chain even further.
Now employing around 5,000 staff and with an annual 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 current owner, Chris 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, successfully maintaining the £1 price point through many economic cycles.
Edwards said: “As we celebrate our 40th anniversary, I’m delighted that Poundworld is in great shape and the business is continuing to grow and prosper.
“There is strong demand from UK consumers for our value goods and everyday items, and we are pleased to be opening more stores and expanding our international supply chain to meet this demand.”
Paul Watkin, relationship director, large corporates North at Santander Corporate & Commercial, added: “Poundworld operates in one of the fastest growing segments in the retail sector, with around two-thirds of the UK population having shopped in a value retailer over the past 12 months. Led by an experienced management team, it has an extremely effective sales and growth business model. I’m delighted that Chris and the management team have chosen Santander to support the business as it focuses on expanding its UK stores and international supply chain.”
