Partner Article

Poundland confirm floatation with ex-Carpetright boss at the helm

Successful discount retailer Poundland has confirmed it will float on the stock market with former Carpetright boss Darren Shapland as senior independent director.

The IPO on the London Stock Exchange will initially offer shares to institutional investors.

Mr Shapland has previously worked for Acadia, Superdrug and J Sainsbury, and also serves on the board at bookmakers Ladbrokes.

Poundland’s formal announcement did not state how much the IPO aims to raise, although some news sources have estimated it to be around £750 million.

The news followes a bumper year of trading in 2013, and record operations since the Christmas period.

Recently the chain announced it would break into the Spanish market with ten initial stores under the ‘Dealz’ fascia it uses in Ireland.

Jim McCarthy, CEO of Poundland, said of the IPO: “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% 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.”

This was posted in Bdaily's Members' News section by Tom Keighley .