Discount retailer Poundland has been sold to US private equity firm Warburg Pincus. The chain, based in Willenhall in the West Midlands, and Europe’s largest single priced discount retailer is expected to make sales of £700m by 2011.
The company, founded in 1990, has 260 outlets across the UK. Its current owner, the rival buyout firm Advent International, described the sale as a “fantastic” deal. Sales at Poundland jumped by almost a quarter to £500m in the year to March. The company, which employs 7,000 people, charges £1 per item for a range of household goods, toiletries and food and drink.