Former Woolworths commercial chief Tony Page has secured £10m financing and intends to relaunch the variety store chain under a new name.

Page, along with former Woolworths' colleagues Andy Latham and Steve Jebson, will open their first shop in May and hope to trade the business under as close a name as possible to Woolworths, without breaching trademark.

Page told The Sun: “There’s a big gap in the market where Woolworths was. We want to recreate a better version of the old Woolies.”

The first shop is expected to make its debut in Camden or Notting Hill, London.

Page said: “We could have 300 sites in three years’ time if things work out.”

Page attempted unsuccessfully to buy the Woolworths name from administrator Deloitte after the retailer’s collapse at the end of last year, but the brand was sold to home shopping group Shop Direct, which is reviving it online.