Founder Chris Edwards is stepping down from his role.
Chris Edwards grew Poundworld from its humble beginnings as a market stall in Wakefield in 1974, and now has 310 stores across the UK. He will hand the reins to Gerry Gray later this year, who until recently has been Tesco’s UK operations director.
Poundworld’s operating profits rose by 130% to £14.6m last year, following 12 months of record trading. In 2015 alone, the retailer opened 35 new stores as well as a new 500,000 sq ft warehouse to improve its operational capabilities.
Both Chris Edwards and his son, Chris Edwards junior, became multimillionaires overnight when they sold a stake to private equity firm TPG for £150m last May.