DISCOUNT retailer Poundworld is on course to push annual sales past the £200m mark after agreeing funding from HSBC.
The Wakefield-based chain, which has Huddersfield man Martyyn Birks as marketing director, has moved all its banking to HSBC’s Yorkshire Corporate banking team.
As part of the deal, led by the bank’s relationship manager Guy Rothery, HSBC has extended lines of credit to fund Poundworld’s plans to increase the number of outlets.
Poundworld, which has stores in Huddersfield and Dewsbury, was founded in 1974. It now has 120 stores across the UK and is benefiting as cash-strapped consumers look for bargain buys.
Martin Lunt, HSBC head of corporate banking in Yorkshire, said: “While many businesses in the retail sector have found the recent economic environment very challenging, Poundworld has undoubtedly bucked the trend.”
Poundworld managing director Chris Edwards said: “We operate using the most basic of retailing concepts, and yet our strong growth and the fact we now employ over 2,500 people demonstrates how successful our approach has been.”
Poundworld posted annual sales of £130m in the year to March, 2011, and expects this figure to surpass £200m for the year ending March, 2012.