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Foresight completes growth capital investment in Online Poundshop

Foresight Group has completed a GBP1.7 million investment into Midlands-based Online Poundshop as part of larger growth capital investment of more than GBP2 million.

Poundshop.com is an online-only, single price retailer, which sells everyday consumer products at better value than available in high street chains and supermarkets.
 
Focused on serving the growing multi-billion pound online value retail market, Poundshop.com’s proposition offers consumers 24-hour shopping, low cost home delivery and a wide range of products. Poundshop.com sells numerous household brands, including Gillette, Cadbury, Haribo, Fairy, Adidas and Coca-Cola.
 
Founded in 2014 by chairman Steve Smith, founder of Poundland, the company will use the investment from Foresight to upgrade IT infrastructure, expand warehousing capacity and implement its marketing strategy, delivering its value and service led offering to more consumers in the UK and overseas.
 
John Cordrey, investment manager, Foresight, says: “We are delighted to have completed this growth capital investment into Poundshop.com, which is already showing strong revenue growth from an expanding community of loyal customers owing to a compelling product offering. We look forward to working alongside the management team to realise the company’s potential.”
 
Smith adds: “When I founded Poundland 26 years ago, everyone said it will never work, but belief and determination created the multi-billion pound retail industry we know today. In this relatively short space of time, retail has changed enormously with the introduction of ecommerce, each year more and more people are shopping online. My enthusiasm for shopper value has not changed and working in partnership with Foresight, I am looking forward to taking single price shopping to the next level.”
 
Donna Baker, CEO, Poundshop.com, adds: “Operating in this disruptive high growth sector is a privilege and it was especially important for me and my team to select a growth funding partner with the same vision and commitment to changing this retail space forever. Foresight’s complimentary experience and management matches our forward thinking growth strategy and we look forward to developing this partnership further to the benefit of the budget conscious online shopper.”

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