Poundland sale mooted

Poundland, the budget retailer, is to be put for sale by its private equity owners. Advent International is understood to be appointing advisors for find potential buyers for the chain.

It comes as value retailers, including Lidl, Netto and Morrisons, report booming business amid the economic slowdown.

Last week, supermarket Morrisons thanked its value-conscious shoppers as it reported a 7.6% increase in sales in the first half of the year. It said that more than 500,000 additional shoppers were visiting its stores every week this year in search of bargains.

Poundland is thought to be capitalising on this trend and expanding at the rate of 30 stores a year.

Founded in 1990, the chain was bought by a management buyout backed by Advent six years ago, and sells about 3,000 items including food, household, clothes and toys. Poundland chief executive, Jim McCarthy is a former managing director of Sainsbury’s convenience store arm.

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