Value retailer Poundworld has secured £26m in new funding as it seeks to expand its overseas supply chain and grow its UK business by opening up to 150 new stores.
The 40-year old retailer, which is the third biggest pound retailer in the country, will use the funding to expand its 240-strong store estate.
The expansion plans come as rivals Poundland and B&M launch aggressive store opening programes after floating earlier this year.
Poundworld aims to open between 40-50 new stores per year over the next three years in addition to opening more distribution depots.
Nearly a third, 30%, of Poundworld’s suppliers are based overseas and the funding from Santander Corporate & Commercial will allow the company to invest further in developing its international supply chain.
Poundworld founder and chief executive Chris Edwards said the company is working with Santander to benefit from its “international expertise”.
Edwards said: “There is strong demand from UK consumers for our value goods and everyday items, and we are pleased to be opening more stores and expanding our international supply chain to meet this demand.”
Around two-thirds of the UK population have shopped at a value retailer over the past 12 months, according to Santander.