Two brothers who began their business career on a market stall in Yorkshire could make as much as £100 million through a private equity buyout of Poundworld, the discount retail chain.
In a sign of the rising profitability of cut-price stores that undercut supermarkets, TPG, the American buyout firm, has agreed to purchase a majority stake in Poundworld.
Insiders said that the deal values the business at about £150 million, providing a huge payday for Poundworld’s founders, Chris and Laurie Edwards, who opened their first shop in Wakefield in 1974.
“After 40 years of building this great company, I am very excited to have a partner like TPG to support Poundworld’s next phase of growth,” Chris Edwards said. “I began this business as a market