High street retailer Poundworld has been acquired in a deal valued at £150m by leading global private investment firm TPG.
The all-cash deal will see founder of Poundworld, Chris Edwards, and his son, Christopher, as well as other members of the management team retain a “substantial minority” equity stake.
TPG plans to accelerate the store expansion programme and invest in distribution facilities, with plans in place to open between 40 and 50 stores each year over the next three years.
Poundworld began as a Wakefield market stall over 40 years ago and has since grown to more than 280 stores over its two brands and employs 6,000 people nationwide.
Chris Edwards, founder and chief executive of Poundworld, commented on the deal: “After 40 years of building this great company, I am very excited to have a partner like TPG to support Poundworld’s next phase of growth.
“I began this business as a market trader and we now have millions of customers from all corners of the nation and all walks of life. Still, there is so much more for us to achieve.”