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Poundland expected to confirm floatation plans next week

Poundland is expected to confirm plans to float on the London stock market early next week. The low-price retailer, which has seen rapid growth during the UK's economic downturn, is expected to seek a total valuation of around £750m.

Poundland, which is chaired by former Tesco executive Andy Higginson, is the latest in a wave of as many as 15 retailers seeking to raise money on the public markets this year.

The convenience store operator McColl's and the online kitchen appliances retailer AO have already confirmed plans for initial public offerings alongside the Russian hypermarket Lenta.

Pets at Home is expected to reveal its plans in the near future, possibly next week, with a valuation of about £1.2bn.

Poundland has 517 stores in the UK and Ireland, where it trades under the Dealz brand. It recently said it would open up to 10 Dealz stores in Spain over the next two years as it tried to convince investors of its international potential with a first step into continental Europe.

At home, Poundland has grown strongly, but faces growing competition from a flurry of rival discount and "single price" retailers such as B&M, Home Bargains, Poundstretcher and Poundworld.

Last month it said that total sales had increased more than 12% to nearly £350m in the three months to the end of December.

Source : Sarah Butler - The Guardian

15 February 2014
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