 The final logo used from 2003 to 2018. | |
| Industry | Retail |
|---|---|
| Founded | 1974; 50 years ago |
| Founder | Christopher Edwards Sr. |
| Defunct | 10 August 2018 |
| Fate | Administration |
| Successors | |
Number of locations | 335 (at peak) |
| Products | Grocery, general merchandise |
Poundworld was a chain of British value variety stores that sold most of its items for £1.[1] It was founded in 1974 by Yorkshire-based father-and-son team Chris Edwards Sr. and Chris Edwards Jr.[2] In contrast to many high street retailers,[3] it maintained strong sales and growth during the global recession that started in 2007.[4] Poundworld's product range consisted of over 6,000 items including groceries, health and beauty, toiletries, cleaning products and pet care,[5] some of them known brands.[6] At its peak it had 335 stores in England, Wales, Scotland and Northern Ireland. In 2014, it planned to open 150 new stores within three years.[7]
Their larger rival in the market was Poundland. A series on BBC One entitled Pound Shop Wars, broadcast between 2012 and 2015, concerned Poundworld and its rivals. As well as all of its £1 lines, Poundworld introduced a range of multi-price products across its estate of stores in 2017 to offer customers 'More Choice, More Savings'. This became the company’s slogan, replacing the now-inaccurate ‘Everything £1’. Suffering intense competition from the addition of multi-price products, combined with difficulties arising from the weak pound, Poundworld entered administration in June 2018. Closing sales began in stores late that month. In July 2018, Poundworld confirmed that it would cease trading by 10 August 2018 after rescue talks with original founder Christopher Edwards failed.
Following its closure, the defunct brand was purchased by New Money Limited, with its owner Manni Hussain pledging to return the chain to the high street. These plans failed to come to fruition as Hussain handed his company to the state over suspicions of money laundering.[8]
- ^ Halliwell, James (2 August 2012). "Poundworld leads the charge as single-price discounters lift off". The Grocer. William Reed Business Media. Retrieved 24 May 2020.
- ^ Burnett, Clare (28 October 2014). "Entrepreneur list topped by Victoria Beckham sees 15 Yorkshire additions". Bdaily News. Retrieved 24 May 2020.
- ^ Taylor, Henry (18 December 2012). "Comet's collapse and other post-recession retail failures". The Telegraph. Retrieved 24 May 2020.
- ^ "Pounding way out of recession". The Yorkshire Post. JPIMedia. 3 January 2011. Retrieved 24 May 2020.
- ^ "Categories Poundworld". poundworld.co.uk. 2014.
- ^ Usborne, Simon (7 August 2018). "Not so penny-wise: the last days of Poundworld". The Guardian. Retrieved 24 May 2020.
- ^ Cite error: The named reference
thegrocer24was invoked but never defined (see the help page). - ^ "Unexplained Wealth Orders: Suspected money launderer gives up £10m of property". BBC News. 7 October 2020. Retrieved 23 June 2022.