The UK's newest discount store is set to open a new outlet in Rotherham next week.
One Below offers 5,000 products for £1 or less and sells a wide range of high street brands such as Coca Cola, Pedigree, Heinz, Kellogg's and Cadbury's.
The store has trend-led bargains across ten departments including groceries, home, health and beauty, baby care, toy, DIY, partyware and craft.
The business has been launched by Poundworld founders Chris Edwards Senior and Christopher Edwards and has plans to open 50 stores this year across the UK.
The new Rotherham store, in the former Maplin unit at Parkgate Shopping, is set to open on April 19.
The opening follows new stores in Sheffield and Doncaster. One Below has its HQ and warehouse in Barnsley.
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Poundworld was founded in 1974 and was acquired by TPG Capital in 2015 for £150m when it was undergoing an aggressive expansion and store opening plan. However the chain entered administration last year and all shops closed when a buyer could not be found.
Poundworld stores closed at Parkgate Shopping and in Rotherham town centre, where the chain's Bargain Buys store also closed.
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Christopher Edwards, managing director of One Below Retail Limited said: "One Below will be the only name on the high street offering everything it sells for either £1 only or even less than a pound with branded, quality products costing as little as 29p.
"We're also happy to be able to employ many of the former Poundworld staff, who were some of the 6,000 employees to have lost their jobs when the new owners of the business, TPG Capital, sent the business in to administration in 2018.
"We look forward to helping our customers to save on a variety of their favourite products."
All Poundworld stores in Rotherham will have closed by August 10 unless the administrator of the failed retailer secures an eleventh hour deal for the remaining stores.
Rothbiz reported last month that administrators from Deloitte had been appointed by the Yorkshire-based discount retailer which was suffering in extremely challenging trading conditions.
Administrators have so far failed to secure a deal to save the business through a sale or a rescue of the company itself through a Company Voluntary Arrangement (CVA).
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Poundworld Retail operated 355 stores in the UK. In Rotherham, Poundworld operated stores on Howard Street in Rotherham town centre and at Parkgate Shopping.
Poundworld Retail also operates as Bargain Buys, which has a store in the high profile premises on College Street, known by many as the previous home of national retailer, Marks & Spencer.
Announcements confirmed specific store closures as a deal appeared more and more unlikely. The town centre store closed last week and the Parkgate store was due to close this week.
In a recent announcement, Deloitte said that the remainder of the estate would shut their doors by August 10 if no buyer for the chain is found.
Clare Boardman, joint administrator at Deloitte, said: "We would like to thank all the employees for their continued support and commitment during this difficult time. We are keeping staff appraised of developments as they happen."
The Financial Times reported that Poundworld founder Chris Edwards and Steve Smith, founder of rival Poundland, have been in talks regarding a takeover.
Based in Normanton, the firm employed over 5,000 staff and was acquired by TPG Capital in 2015 for £150m when it was undergoing an aggressive expansion and store opening plan.
The new owners of historic national retailer, Greenwoods Menswear, has decided to move its Rotherham store to Sheffield.
Last year Adrian Berry and Clare Boardman of Deloitte LLP were appointed joint administrators with 300 jobs and 60 stores at risk.
Versatile International Trading took the business on and pledged to keep 40 stores open - including the store in Rotherham town centre.
The Rotherham "flagship" store opened on College Street in 2011 in the former Music Zone unit. The move into the store was helped by an £8,000 grant from the Council's Town Centre Business Vitality Grant Scheme.
Now a deal has been secured for Greenwoods to open at Crystal Peaks Shopping Centre in Sheffield which will mean that the Rotherham store will close.
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The retailer has stores nationwide and specialises in men's formalwear and smart casual clothing whilst also developing the 1860 Brand, a hire wear specialist of wedding, evening and Highland wear suits. The company also operates its niche brand "Mansize" which caters for the larger man, whilst still retaining high quality styling and fabrics.
Lee Greenwood, centre manager at Crystal Peaks, said: "We are delighted to welcome Greenwoods Menswear to Crystal Peaks.
"A name with this reputation for quality and value adds to an already strong fashion offering for Crystal Peaks visitors."
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The firm has struggled in the challenging retail sector before, entering administration in 2009. Shanghai-based Bosideng announced its intention to acquire Greenwoods in 2013, and offered a loan to the latter to support its daily operations. Bosideng had observed and analysed Greenwoods' business for a long time and concluded that its performance did not meet the Company's requirements. As a result, Bosideng shelved the plan to acquire Greenwoods. In 2014, Greenwoods already repaid the entire £8m loan that Bosideng had previously provided for it.
Last July, the freehold shop investment at 31 College Street (the Greenwoods store) went under the hammer with national auctioneers, Allsop, and was sold at the guide price of £300,000. The legal pack showed that the 3,800 sq ft property was let to Greenwoods Menswear Limited on a lease expiring in 2021. The current rent was shown as £30,000 per annum and the 2017 break clause was not exercised.
Rothbiz reported last month that the adjacent property is also at risk of becoming vacant as Poundworld Retail the operator of Bargain Buys, has gone into administration.
Poundworld has entered administration after a potential buyer could not be secured for the Yorkshire-based discount chain.
Administrators from Deloitte said its 355 stores will continue to trade as normal with no redundancies at this time.
In Rotherham, Poundworld operates stores on Howard Street in Rotherham town centre and at Parkgate Shopping.
Poundworld Retail also operates as Bargain Buys, which has a store in the high profile premises on College Street, known by many as the previous home of national retailer, Marks & Spencer.
The administrators work to maximise realisations for stakeholders, in this case a private equity firm, either through an orderly sale of the business or a rescue of the company itself through a Company Voluntary Arrangement (CVA).
A pre-packaged sale has not be agreed although it was rumoured that company founder, Chris Edwards, could buy back his family firm.
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Clare Boardman, joint administrator, said: "The retail trading environment in the UK remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business. Unfortunately, this has not been possible.
"We still believe a buyer can be found for the business or at least part of it and we are keeping staff appraised of developments as they happen. We thank all employees for their support at this difficult time."
Based in Normanton, the firm employs over 5,000 staff and was acquired by TPG Capital in 2015 for £150m when it was undergoing an aggressive expansion and store opening plan.
With eye-catching half mock timber and decorative Art Nouveau style windows above, the ground floor is let to Poundworld Retail Limited until 2021. The retailer pays a rent of £118,000 per annum.
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.
