Poundworld
 |
|
| Industry | Retail |
|---|---|
| Founded | 1974 |
| Founder | Christopher Edwards Sr. |
| Headquarters | Normanton, West Yorkshire, England |
|
Number of locations
|
358 |
| Products | Grocery, general merchandise |
| Owner | TPG |
|
Number of employees
|
6000 |
| Website | Poundworld.co.uk |
Poundworld is a British value variety store that sells most of its items for £1. The chain was founded in 1974 by Yorkshire-based father and son team Chris Edwards Sr. and Chris Edwards Jr.
In contrast to many high-street retailers, Poundworld maintained strong sales and growth during the global recession that started in 2007.
Poundworld's product range consisted of over 6,000 items including groceries, health and beauty, toiletries, cleaning products and pet care, some of them known brands; it has over 6,000 employees and over 340 stores in England, Wales, Scotland and Northern Ireland; and it was planning to open 150 new stores within three years.
Its larger rival in the market is Poundland. BBC Two series entitled Pound Shop Wars, broadcast between 2012 and 2015, focused on Poundworld and its rivals.
The chain originated in 1974, when Chris Edwards Sr. set up a market stall in his home town of Wakefield. Edwards initially set up a multi-price store called "Bargain Centre", before switching to a single-price format in 1997, trading as "Everything's £1".
Since the recession that started in 2007, Poundworld has expanded rapidly. Its sales grew by 42% in 2010-2011, and increased by 55% with revenues of £200M in 2012. Its expansion meant that the company required larger premises, and it relocated its head offices to the largest unit in Yorkshire's main warehousing and distribution base. It also opened an overseas office in Shanghai during this period.
In October 2013, Poundworld partnered with the Marie Curie Cancer Care charity, which it had already supported during 2013's Great Daffodil Appeal.
In November 2013, Poundworld opened its first multi-price retail store under the Bargain Buys name in Walsall. Bargain Buys was originally and briefly traded as Discount UK, with the name change allowing the chain to compete more closely with its rivals in the market. The company planned to open a further 100 stores in the next 3 years.
In mid-2014 the store secured a £26m loan from Santander to finance its stated aim of increasing its approximately 240 stores by 40 or 50 a year for the next three years, and to strengthen its overseas supply chain from where about 30% of its supplies are sourced.
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Wikipedia