15th May 2015 05:37
LONDON (Alliance News) - US private equity group TPG has completed a deal to acquire UK discount store operator Poundworld for GBP150 million in cash, the Financial Times reports.
Poundworld, which is headquartered in West Yorkshire and which owns the Poundworld and Bargain Buys brands, is the second-biggest single-price discount retailer in the UK, with around 280 stores. It began life in 1974 as a market stall in Wakefield.
The deal comes as Poundland Group PLC, the largest company in the sector, is facing an in-depth review by UK competition authorities into its proposed GBP55 million acquisition of 99p Stores Ltd.
http://next.ft.com/20745aec-fa4d-11e4-aa42-00144feab7de
By Sam Unsted; [email protected]; @SamUAtAlliance
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