Single price point retailer Poundland is to expand into the Republic of Ireland trading under the name Dealz.

The retailer, which wants to use Ireland as a springboard into the rest of Europe, chose the name so it could offer several price points, unlike the UK where everything sells for £1.

Poundland will open the first four Dealz stores in October, creating 120 jobs.

Poundland, which has 347 stores in the UK, wants a total of six stores in the Republic of Ireland by the end of its financial year in March 2012, with a total of over E2m in capital investment.

Poundland chief executive Jim McCarthy said: “We carried out extensive customer research in the Republic of Ireland. Finding a European brand name for an established UK brand was no easy task. It was important to ensure we decided on a brand name that was going to resonate with our Republic of Ireland customers and in the future, enable us to expand the brand in mainland Europe. Dealz was the clear winner.

“We know that there is an appetite from Irish consumers for a discount retailer that offers real value. Just like Poundland in the UK, we’re anticipating busy stores from day one with queues of value-savvy shoppers.”

Dealz will stock well known brands such as Kelloggs, Cadbury’s, Maxwell House, Pantene and Kodak alongside own brand products. It will also offer locally sourced products such as milk, eggs and crisps.

Dealz will have the same board and management team as Poundland, and be run by an Irish business manager.

Property agents for Poundland are TDK and DTZ.