Poundland Group has announced its intention to float on the London Stock Exchange.
The high street store, which sells all items for £1 each, has said that it plans to float in order to help it continue to offer value to customers, enhance its sales densities, expand into Continental Europe, develop its store format and multi-channel development potential and reach its long-term target of 1,000 UK stores.
Jim McCarthy, CEO of Poundland, commented: "The value retail sector has been through a period of profound change in scale, customer perception and financial performance. The sector is now a mainstream feature of the UK retail market and Poundland has been a central architect of that change. Our single price point and our amazing value are appealing to an increasingly broad section of shoppers with 22 per cent of our UK customers now coming from the AB demographic.
“We have built a track record of delivering strong, profitable growth and I believe we have many more opportunities ahead, underpinned by our trusted brand, strong supplier relationships, differentiated value proposition and our well-invested and scalable infrastructure. Our success in Ireland - where we trade under the Dealz fascia - demonstrates that we have the capability to generate positive financial returns in new geographies quickly and underlines the potential in the business for further international growth in addition to our plans for continued rapid growth in the UK."
Meanwhile, connected with the flotation, is the hiring of Darren Shaplan, Trevor Bond, Tea Colaianni and Grant Hearn as independent non-executive directors of the business.
Admission is expected to be made in March.