The founder of Poundland would have bought business

The founder of Poundland said that he had tried to buy the business when he heard that he was on sale.

Steve Smith’s commercial enterprise started on a market stall in Bilton where it sold items for £ 1, with the first Poundland store opening in Burton-Upon-Tret in 1990 and Mr. Smith sold his actions in the company for 250 million pounds Sterling in 2006.

The company, which currently has 792 stores in the United Kingdom and Ireland and employs around 16,000 people, was sold last week to the American investment company Gordon Brothers.

“I would have liked to buy them because I am always passionate about people and the concept,” said Smith.

The businessman, who grew up in Willenhall, said: “I am proud that 85% of the population bought something at the store.

“I won the phone when I heard that it was to sell, but I was a little too late,” said Smith.

Poundland is also looking for rent discounts with owners who, as well as leases expired in certain stores, could lead to around 70 store closings in the future.

A distribution center in Darton, in southern Yorkshire, and its national distribution center in Bilston in the West Midlands were also reserved for closure.

Mr. Smith, who now lives in the Shropshire, admitted that he was sad but not entirely surprised by the news of the company which must restructure.

“I am sorry to learn that Poundland firm so many stores, it was not only I who launched the business but the people who worked there.

“I think it was inevitable, it was going to happen because I lived it on the market stall with our prices from 10p to 20p and so on.

“Customers are used to the concept of £ 1, but as the price of the price changes, our prices.”

He said that even if he understood that the need to increase prices would have been necessary to help support the company, in his opinion.

“It is always a one prince concept, that’s what customers loved and what made Poundland different,” he said, “but I would have changed the price and I think it needs new systems (and) it is important that the company obtains the support of their suppliers.”