Discount store group, Poundworld has been acquired by US private equity firm TPG for £150m.
The West Yorkshire-based chain of 280 stores, including 50 stores operating under the Bargain Buys name.
Poundworld is unique amongst its competition in also offering online shopping via its website, poundworldplus.co.uk.
The sale to TPG is a strategic move that will enable Poundworld to open more stores and improve their distribution network in order to remain competitive in the highly lucrative value retail sub-sector.
Chris Edwards, who founded the business more than 40 years ago from a market stall, and his son Christopher Edwards junior (pictured), along with other senior executives, will retain a substantial minority stake in the business.
The Poundworld sale follows hot on the heels of rival firm Poundland’s recent £55m acquisition of 99p Stores in February.