Yorkshire property tycoon to bring Poundworld back to high street

By The Newsroom
Published 27th Oct 2018, 13:24 BST
Updated 27th Oct 2018, 15:38 BST
Return: Poundworld could be about to make a return to the high street after its intellectual property rights were acquired.Return: Poundworld could be about to make a return to the high street after its intellectual property rights were acquired.
Return: Poundworld could be about to make a return to the high street after its intellectual property rights were acquired.
A property tycoon is looking to bring the Poundworld brand back to the high street after acquiring the intellectual property assets of the defunct discount retailer.

New Money Ltd has agreed to buy the intellectual property assets of Poundworld Retail Limited including the Poundworld and Bargain Buys brands.

New Money is owned by Manni Hussain, who is also the chairman of the property compnay 88M Group. Mr Hussain said he was pleased with the acquisition and was looking forward to returning the discount retailer to its former glory.

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Poundworld ran into trouble in the face of falling high street footfall, rising costs and weak consumer confidence. The retailer, which at its peak had over 300 stores nationwide, disappeared from the high street this August.

Property entrepreneur Mr Hussain has also acquired the intellectual property for Bargain Buys.