Poundshop.com snaps up Wednesbury warehouse
Poundland founder Steve Smith's expanding new online business has just snapped up a 21,000 sq ft warehouse in the Black Country.
And it is just three miles down the road from the £1-for-everything retail giant he started back in 1990. Steve and his father sold the business 10 years later for £50 million and the entrepreneur has gone on to invest in a string of new business ventures.
But, in a return to his roots, he and his son Ashley are backing an online retail business called Poundshop.com, based in Exeter. Headed by managing director Donna Baker, the company launched in 2014 and the company's growth has now seen it take on a warehouse in Wednesbury to cope with its expansion.
Property agents Harris Lamb acquired the fully refurbished warehouse, on the Parkway Industrial Estate, on behalf of Poundshop.com, which has signed a ten-year lease on the 21,463 sq ft unit.
Donna Baker said that with the expansion of the business, it had turned to Harris Lamb to identify a larger base. “We needed a bigger warehouse in an excellent location to enable us o stock our increasing product range and distribute it to customers with ease. Our new premises is spot on - the site’s ideal setting at the heart of the motorway network, teamed with its extensive size, is precisely what we need as we enter the next phase of our growth.”
Steve Smith, a shareholder of Poundland.com, helped with the relocation of the business to Unit 8.
He said: “I worked with Andy Lamb and his colleagues in the early days of Poundland, and he has helped us acquire new warehouse premises over many years. When it became obvious that we had outgrown our previous premises it was a simple call to Harris Lamb to help us relocate. Unit 8 ticks all our boxes in terms of location, size, quality and flexibility.”
Andy Lamb added “It’s been a great pleasure to work with Steve and Donna and I have no doubt that in a few years’ time I will get the call again to acquire warehouse space as this business goes from strength to strength. The current lease has a five-year break clause but the length of the lease demonstrates the commitment and confidence that the team has in the business.”