14 September 2015 - Janet Bird
Discount retailer Poundworld has announced a jaw-dropping increase in operating profits of 130 percent to £14.6 million in the last financial year.
Turnover grew by over a fifth to £422.3 million during the 12 months ending March 31, boosted by the opening of 38 new stores in the course of the year.
And Poundworld's growth shows no signs of slowing. Purchased by capital equity group TPG Capital from founder Chris Edwards for £150 million in May, it plans to open 60 new stores a year from 2016. Moves are also afoot to upgrade its distribution and operating systems.
Poundworld, which serves two million customers a week through its 280 Poundworld and Bargain Buys stores, is now the UK's second largest single price discount retailer.