Yorkshire discount retailer, Poundworld, has won new funding from Barclays to assist with its strategic growth plans. The deal includes working capital, trade finance and term debt.
Family-owned Poundworld, headquartered just outside Leeds, is one of the UK’s leading single price retailers. Having started as a single store in the 1970s, before rebranding in 2004 to the present format, it currently has 214 stores nationwide and plans to open a further 100 stores over the next three years.
Chris Edwards, managing director, 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 strategy. Barclays has provided a suite of banking products which includes working capital, trade finance and term debt that supports our strategic aims into the medium term.”
The company, which employs over 4,300 staff nationwide and now has a turnover of over £290m, aims to offer a value alternative to other high-street retailers coupled with a modern and fresh shopping experience.
Graham Holland, relationship director at Barclays, said: “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 and they are well positioned to consolidate their position as a leading UK value retailer.”