*Poundworld has become the latest company to snap up around 15 stores from the insolvent retailer Peacocks.
The company said each new store is likely to create 30 jobs, meaning that 450 jobs will be recreated as a result of the buyout. Most of the stores will be in the south of England, including sites in Central London.
Poundworld currently has 130 stores across the UK with over 30 additional stores operating under the Discount UK brand.
Chris Edwards Jnr, trading director at Poundworld said the expansion in southern England will ensure the business is able to gain market share without cannibalising its existing customer base.
He explained: “Currently, a large number of our existing stores are in the north and so this expansion of our southern base, including Central London, is a very positive move for the company.
“We’re looking forward to increasing our presence in a territory which is currently shared predominantly by Poundland and 99p stores and we expect to see a good response from consumers.”
Last week, eight former Peacocks stores were snapped up by Poundland and it signalled an intention to consider the acquisition of further properties.
Poundland has 389 stores nationwide and acquired the sites in Seacroft, Yate, Haringey, Newmarket, Dartford, Falkirk and Hoxton.
The first three stores in Seacroft, Haringey and Newmarket will open on Thursday 5 April and gives Poundland approximately 44,000 square feet of additional retail selling space.
By Joe McGrath