Poundland acquires eight ex-Peacocks stores
Poundland has confirmed that it is to buy eight former Peacocks stores and said it is discussing the potential purchase of further stores with landlords.
The single price retailer, which has 389 outlets across the UK, will open the first three stores in Seacroft, Haringey and Newmarket on 5 April with the remaining stores in Yate, Brighton, Dartford, Falkirk and Hoxton opening at a later date.
The new stores will give Poundland around 44,000 square feet of additional retail selling space and create 220 jobs.
Poundland has embarked on a rapid expansion programme as private equity owner Warburg Pincus seeks to capitalise on the demand for value among UK shoppers. The company expects sales to reach £1 billion by 2014, up from £642 million in the year to 27 March 2011.
CEO, Jim McCarthy, commented:”Poundland has grown significantly over the past 12 months and we will continue to open new stores creating local employment opportunities. We are delighted to bring our unique and well proven single price discount proposition and provide amazing value every day to thousands of new customers in these towns.”
