Poundworld secures £26 million in new funding to drive growth
Poundworld has unveiled plans to increase its number of UK stores and overseas trade suppliers after securing £26 million in funding from Santander.
Established in 1974, the family-run chain operates over 240 stores across the UK and has an annual turnover of £340 million. The business is now planning to open between 40 and 50 new stores each year over the next three years, and will also grow its number of distribution depots.
With 30% of its suppliers now based overseas, Poundworld said the Santander funding will help the firm to develop its international supply chain even further while benefiting from Santander’s global reach and expertise.
Poundworld founder and chief executive Chris Edwards said: “As we celebrate our 40th anniversary, I’m delighted that Poundworld is in great shape and the business is continuing to grow and prosper. There is strong demand from UK consumers for our value goods and everyday items, and we are pleased to be opening more stores and expanding our international supply chain to meet this demand.”
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