Poundworld has completed a funding deal with Barclays to support its plans to open 100 new stores over the next three years.

The agreement with the bank will provide the value retailer with working capital, trade finance and term debt, providing it with a stable foundation on which it can expand.

The expansion drive at the retailer will build on its existing 214 store estate. The retailer said it currently has a turnover of £290m.

Poundworld managing director Chris Edwards said: “We have ambitious growth plans for the future and felt that the time was right to find a new financial partner to support us in the next phase of our growth strategy.”

Barclays relationship director Graham Holland added: “The funding provided by Barclays will immediately enable the company to support higher levels of trading activity across their enlarged business and allow further investment and diversification of their product ranges.

“The management team impressed us with the focus and delivery of their plans and they are well positioned to consolidate their position as a leading UK value retailer.”