A property tycoon is looking to bring the Poundworld brand back to the high street after acquiring the intellectual property assets of the defunct discount retailer.
New Money Ltd has agreed to buy the intellectual property assets of Poundworld Retail Limited including the Poundworld and Bargain Buys brands.
New Money is owned by Manni Hussain, who is also the chairman of the property compnay 88M Group. Mr Hussain said he was pleased with the acquisition and was looking forward to returning the discount retailer to its former glory.
Poundworld ran into trouble in the face of falling high street footfall, rising costs and weak consumer confidence. The retailer, which at its peak had over 300 stores nationwide, disappeared from the high street this August.
Property entrepreneur Mr Hussain has also acquired the intellectual property for Bargain Buys.
He said: "I am delighted to have agreed the purchase of the Poundworld intellectual property assets and I am now looking forward to bringing the brand back to the high street and provide current and new customers with an unrivalled product offering at £1 or less."
Poundworld was launched from a Wakefield market stall in 1974 by Chris Edwards Snr and his son Chris Edwards Jr. US private equity firm TPG acquired a majority stake in the business in 2015.
Mr Edwards tried to rescue the stricken retailer but pulled out because his offer fell short of what the administrator hoped to achieve.