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Poundland announces planned flotation
by David Campbell on Feb 18, 2014 at 07:48
Poundland, the UK’s largest pound store, has announced that it is to float at least 25% of its share capital.
The company, currently run by Private equity manager Warburg Pincus, opened its first store in 1990 and has grown to operate a network of over 500 stores across the UK and Ireland.
Shares are expected to begin trading next month, although the company did not offer any indication of how it expects the offer to be priced.
Revenue within the group has grown from £641.5 million in 2011 to £880.5 million, or an annual growth rate of 17%.
‘We have built a track record of delivering strong, profitable growth,’ said chief executive Jim McCarthy.
‘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.’
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