Poundland has slashed the price on thousands of core products for its first ever Sales event.

The value retailer, owned by South African giant Steinhoff, is selling a host of items for 50p until January 31.

Items on Sale include Dolmio Bolognese sauce, Heinz Tomato Soup, Ambrosia custard, Oreos, McVitie’s Cheddars and toffee popcorn.

In its beauty range, items including Pure Deep Cleanse Wipes and Aquafresh toothpaste have also dropped to 50p. 

Poundland trading director Barry Williams said it is on a “mission to re-power the business” and look for new ways to provide value.

The retailer is currently in transition under Steinhoff, having seen chief executive Kevin O’Byrne quit the business to join Sainsbury’s in the wake of the firm’s £610m takeover in September.

Poundland, which has around 900 stores, has been moving away from a single-price model and is selling selected items for more than £1.

The retailer is also introducing clothing to its range via Steinhoff’s budget fashion chain Pep & Co.

Ten Poundland stores will have Pep & Co concessions from next month.

Retail Week revealed in November that Poundland was trialling Pep & Co products in two of its stores.

Andy Bond, who is heading up Poundland as boss of the Steinhoff unit Pepkor Europe, has said he would like to see Pep & Co clothing in all Poundland stores.