NEWS

Poundworld profits more than double following takeover

Published on: 15th September 2015

US private equity group TPG Capital has seen the discount retailer growing fast since taking over this year.

poundworldThe discount retailer said operating profits rose 130% to £14.6m last year, following 12 months of record trading.

Poundworld also opened 38 new stores, boosting turnover by just over a fifth to £442.4m. Also, like-for-like sales growth averaged 5.6% in the 12 months leading up to March 31st 2015.

The year also culminated in its takeover by TPG Capital in May for £150m in cash, as Poundworld’s founder, Chris Edwards and his son Chris Edwards Junior are both believed to have kept a minority stake in the business.

Chris Edwards, chief executive as well as founder of Poundworld Retail said: “We have seen a record financial year and one of landmark progress for the company. We expect the year ahead to be one of development and consolidation that includes investment into a new 500,000 square foot warehousing facility next to our current head office and the replacement of our existing retail data system.”

The takeover will also see a store expansion programme to more than 60 stores a year from 2016. Poundworld’s debt pile is also shrinking, falling by one third to £10.6m in the year.

Poundworld is the UK’s second biggest single-price discount retailer and serves more than two million customers every week.

RECENT ARTICLES

Friday Blog

Plan ‘A’ all the way …it’s the Friday Blog!

Little Tikes launches Rescue Tales for autumn/winter

PoundToy launches ‘authentic’ new TV campaign

The Point.1888 appoints Hornby’s Aurélie Dilain-Waclawski

John Lewis retains cautious outlook despite greatly improved first half results

YouTube’s Vlad & Niki surpasses 200m subscribers worldwide

Spielwarenmesse Toy Business Forum to bolster ToyAcademy expertise

Bratz is back with special 20th anniversary dolls

Wild response to PlayMonster UK’s #FairiesForNature campaign

Disguise recruits pair to lead EMEA market growth