Who owns Poundworld and who is founder Chris Edwards Sr?
POUNDWORLD used to be a staple shop on high streets across the nation.
The budget chain went bust in 2018, just three years after founder Chris Edwards Sr sold the business for £150million. But Edwards has moved onto a new venture - here's what he's up to nowadays...
Who owns Poundworld?
Poundworld fell into administration on June 11, 2018, putting more than 5,100 jobs at risk across its 335-store portfolio.
But in November 2018 a Leeds property tycoon swooped in to save the chain from administration.
Manni Hussain, the 38-year-old chairman of property company 88m Group, saved the brand.
He said at the time: "I am delighted to have agreed the purchase of the Poundworld intellectual property assets and I am now looking forward to bringing the brand back to the high street and provide current and new customers with an unrivalled product offering at £1 or less."
But Hussain had to give up his assets to the National Crime Agency after being suspected of major money-laundering.
Who is founder Chris Edwards?
Chris Edwards is one of Yorkshire's most successful entrepreneurs.
The founder of Poundworld, he sold the business to global private equity giant TPG in 2015 in a deal worth £150million.
Edwards started his business on a market stall in his hometown of Wakefield, West Yorkshire, in 1974 and didn't adopt the brand name until 2004.
He opened his first store – Bargain Centre – in Wakefield in 1975.
He borrowed £2,500 to build a shop front and set up two more stores within four years, when brother Laurence joined the business.
In 1997 the brothers opened their first single-price store under the name Everything’s £1 in Ivegate, Bradford.
Edwards told: "I was asked once how I felt once I had my money, the only way I can think of explaining it you going to work one day and you leave your baby in a cot at home, then when you get home the cot is full or money but the baby has gone – how would you feel then? Empty."
What has Chris Edwards done since he sold Poundworld?
Chris Edwards has continued with his discount ventures. In March 2019 he set up a new line of shops called One Below, where items cost a pound or less.
He set a target to open 100 stores across the country, and there are already over 60 stores in operation across the country. Many of the staff made redundant when Poundworld stores closed have been re-employed at the new One Below stores.
After selling Poundworld in 2015, Edwards was initially torn about his decision.
He once said of the Poundworld sale that he was still "challenged by that decision" and whether it was the right move.
When Poundworld fell into administration in 2018, Edwards made a bid to save the failing company.
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However, he said that the administration had “been handled badly”.
He said the the administrators were more interested in securing money for creditors, including Deloitte, than saving jobs.
But Deloitte hit back at Edwards after he accused them of ignoring his bid to save Poundworld.
A Deloitte spokesperson said: "To date no party has presented a credible and acceptable bid with accompanying confirmation of funding."