'I wanted to buy Poundland back' - founder Steve Smith reacts to the sale of the discount store he set up in the Black Country
The West Midlands man who founded Poundland 35 years ago has told how he wanted to buy the company back as news of its troubles spread but his efforts to make an offer were not considered.
Entrepreneur Steve Smith, originally from Willenhall, who came up with the Poundland concept with his dad Keith when they were market traders, said he's glad the business has been saved but baffled as to why advisors working on the sale wouldn't talk to him.
The bargain retailer, known for its £1 products, was put on the market earlier this year after a sharp downturn in trading and on Thursday (June 12) it was confirmed Poundland's owners Pepco Group has sold the company to American investment firm Gordon Brothers.
Steve, who pocketed a £50 million fortune in 2002 when he sold the business that he'd built up, said of the developments: "I am really pleased that Poundland has been saved along with many jobs.
"I was interested in buying back Poundland as I still believe in the concept and more important the people that work there.
