Sep 28, 2018
Poundworld founder to launch new discount venture
Chris Edwards, the founder of Poundworld, is planning to launch a new chain of discount stores and aims to have a hundred shops open by the end of 2019. He sold Poundworld to private equity group TPG for £150m in 2015, and put the investment for the new venture at between £5m and £10m, depending on the rate of store expansion. Onebelow would mark a return to the original "Pound shop" concept, where every item costs £1 or less. Mr Edwards had previously criticised Poundworld's attempts to move away from a single price point, arguing that while it gave the retailer more flexibility in absorbing cost increases, it was confusing for shoppers. Some Onebelow shops could open on the site of former Poundworld stores.
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