The private owner of Willenhall-based Poundland is preparing to sell the company, it emerged today.

Advent has hired advisors to look for a buyer for the firm, which it bought for about £50 million in 2002.

It is expected Advent will put the company up for auction.

Poundland and its rivals have seen an increase in profits since the demise of Woolworths, after taking over several units formerly occupied by the chain.

It was revealed at the end of last year Poundland is on track to hit a half-a-billion pound turnover by the end of this financial year – the biggest in its history.

Chief executive Jim McCarthy also told how thousands of jobs are in line to be created as the firm expands at a rapid rate.

The firm has an operation centre at Wellmans Road, Willenhall and at Springvale Business Park in Bilston.