Poundland founder Steve Smith tells TikToker how he would save the company

Poundland founder Steve Smith has been sharing his thoughts on TokTok about whether he thinks the company can be saved.

Speaking to the In The Business podcast, Steve, who founded the discount retail business with his late dad Keith in 1990, told TikToker Harrison Turner that if it were up to him he’d bring the business back to a one-price concept.

He said in a video shared on the social media platform: “If you look back when I started Poundland, the average wage was three pounds an hour.

“What is it now, £12,71? It should be the £3 shop.”

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Speaking about Poundland’s humble beginning, he said: “The idea for Poundland came from my dad's market stall on Bilston Market, and anything that came in its original packaging was thrown in a cardboard box and sold for 10p. And this box took more money than anything else on the stall.”

Speaking about how the company’s fortunes grew, Steve, who lives in Wolverhampton, said: “I always thought Poundland could do a billion. I never thought it'd be worth a billion. It went on the stock exchange, and the value was very close to a billion pounds.”

Asked how he felt when items started being sold for more than a pound, he said: “They changed it to starting selling clothes and also multi price. Well, Poundland's a one-price concept. Poundland lost £68 million pounds last year. It was sold to the Gordon Brothers for £1.”

He told how people have asked him to step in to try to save Poundland which is headquartered in Walsall and has a raft of shops across the West Midlands, with 11,000 employees nationally.

He said: “I've had probably three people..Steve, if you go and run the company, we'll put the money in. The problem is it's too late.”

Despite this he remains hopeful the company can still be rescued.

He told In The Business just before a further 10 working days was granted to Poundland to try to secure a buyer: “They've got some serious bids on the table. That's why the government's got involved and they’ll hopefully put a deal together that is acceptable to everyone.”

Poundland’s Board reported earlier today that it had made an application for to file a second NOI (notice of intention) to try to secure a buyer for the company.

The move will give the retailer an extra 10 working days of breathing space from creditors to secure a potential rescue deal, with funding agreed so shops can remain open and trade during this period.