 Logo used from 2003 to 2018 | |
| Formerly |
|
|---|---|
| Industry | Retail |
| Founded | 1974; 51 years ago |
| Founder | Christopher Edwards Sr. |
| Defunct | 10 August 2018 |
| Fate | Administration |
Number of locations | 335 (2018) |
Poundworld was a British variety retailer. It was founded in 1974 as Bargain Centre by Yorkshire-based father-and-son team Chris Edwards Sr. and Chris Edwards Jr.[1] The business then became a single-price retailer in 1997 as Everything £1, before renaming to Poundworld in 2003.
The retailer rose to prominence during the 2007–2008 financial crisis.[2] In October 2010, it launched the multi-price sister brand DiscountUK, which would later become Bargain Buys.[3] Poundworld was featured on the BBC One series Pound Shop Wars, broadcast between 2012 and 2015, featuring its rivalry with Poundland.[4]
In May 2015, the Edwards family sold a majority stake in Poundworld to private-equity firm TPG Capital. The retailer would then struggle in the following years due to the weak pound, meaning it could no longer sell most of its items at the £1 price-point.
In June 2018, Poundworld entered administration. The remaining stores closed down on 10 August 2018. The Poundworld brand was purchased by businessman Manni Hussain, pledging to return the chain to the high street. These plans failed as Hussain gave up his businesses on suspicion of money laundering.[5]
- ^ Burnett, Clare (28 October 2014). "Entrepreneur list topped by Victoria Beckham sees 15 Yorkshire additions". Bdaily News. Retrieved 24 May 2020.
- ^ "Pounding way out of recession". The Yorkshire Post. JPIMedia. 3 January 2011. Retrieved 24 May 2020.
- ^ "Poundworld to roll out multi-price store format". www.insightdiy.co.uk. Retrieved 20 December 2024.
- ^ Taylor, Henry (18 December 2012). "Comet's collapse and other post-recession retail failures". The Telegraph. Retrieved 24 May 2020.
- ^ "Unexplained Wealth Orders: Suspected money launderer gives up £10m of property". BBC News. 7 October 2020. Retrieved 23 June 2022.