Poundworld secures funding with Barclays for next phase
The agreement with Barclays includes a new funding deal which will provide working capital, trade finance and term debt.
Leeds-based Poundworld started as a single store in the 1970s.
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Hide AdThe company rebranded in 2004, and today it has 214 stores nationwide.
Many single price retailers have flourished since the economic crisis of 2008.
More shoppers have been seeking bargains in response to the tougher economic climate.
Poundworld plans to open a further 100 stores over the next three years.
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Hide AdChris Edwards, the managing director of Poundworld said: “We have ambitious growth plans for the future and felt that the time was right to find a new financial partner to support us in the next phase of our growth strat- egy.”
The company, employs more than 4,300 staff nationwide and has a turnover of more than £290m.
Graham Holland, relationship director at Barclays, said yesterday: “The funding provided by Barclays will immediately enable the company to support higher levels of trading activity across their enlarged business and allow further investment and diversification of their product ranges.
“The management team impressed us with the focus and delivery of their plans.
“They are well positioned to consolidate their position as a leading United Kingdom value retailer.”