Thursday, April 23, 2015

News: Bargain Buys in Rotherham town centre

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Poundworld Retail has opened a branch of its multiprice format store, Bargain Buys in Rotherham town centre.

Bargain Buys was launched in 2013 by the same father and son team who brought retail giant Poundworld to the high street. With prices not fixed to £1, the stores aim to provide everyday essentials at outstanding value and offers over 8,000 branded products.

Established in 1974 by current owner, Chris Edwards, the retail chain was originally branded Everything's a £1 before the introduction of the Poundworld brand in 2004. Over the past 40 years, the business has adapted to changing retail markets, successfully maintaining the £1 price point through many economic cycles.

The Yorkshire-based business launched its first multiprice retail format, Discount UK in 2010 and began rebranding three years later. There are around 40 stores in the UK, with plans for 50 more Bargain Buys stores over the next five years.

The Rotherham store is on College Street, having recently rebranded from Discount UK.

Now employing around 5,000 staff and with an annual turnover of £340m, Poundworld has over 240 stores across the UK and has grown to be the third-largest single price point retailer in the UK, with strong aspirations for growth. Its business plan includes opening between 40-50 new stores per year over the next three years, as well as operating more distribution depots.

For the year to March 2014, pre-tax profit was up to £5m compared to £1.9m in the previous year and Poundworld's turnover was up 18% to £345.3m, while like-for-like sales jumped 2.6%.

Discount UK caused a stir in 2011 when it was revealed to be taking over the former Marks & Spencer's retail unit on College Street in Rotherham. The retailer took the whole of the 23,000 sq ft, two floor property and uses the ground floor for retail. The building was last occupied by Hitchens.

Bargain Buys website

Images: Bargain Buys / Facebook

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