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| Poundland to float on London Stock Exchange | Poundland to float on London Stock Exchange |
| (about 1 hour later) | |
| Poundland has announced its intention to float on the London Stock Exchange. | Poundland has announced its intention to float on the London Stock Exchange. |
| The 530-store group, which sell items for £1, is 76%-owned by Warburg Pincus with the remainder of the shares held by senior management. | The 530-store group, which sell items for £1, is 76%-owned by Warburg Pincus with the remainder of the shares held by senior management. |
| Shares will be offered to institutional investors. Poundland did not say how much it hopes to raise from the sale. | Shares will be offered to institutional investors. Poundland did not say how much it hopes to raise from the sale. |
| Poundland also announced new board appointments, including former Carpetright and Sainsbury's executive Darren Shapland. | Poundland also announced new board appointments, including former Carpetright and Sainsbury's executive Darren Shapland. |
| Poundland has almost 500 stores in the UK, and runs 31 stores in Ireland under the Dealz brand. | Poundland has almost 500 stores in the UK, and runs 31 stores in Ireland under the Dealz brand. |
| Revenue grew from £641.5m in 2011 to £880.5m in the 2013 financial year. | Revenue grew from £641.5m in 2011 to £880.5m in the 2013 financial year. |
| "The value retail sector has been through a period of profound change in scale, customer perception and financial performance," said Poundland chief executive Jim McCarthy. | "The value retail sector has been through a period of profound change in scale, customer perception and financial performance," said Poundland chief executive Jim McCarthy. |
| Kraft Foods European president Trevor Bond will join Shapland as a Poundland non-executive director. | |
| Tea Colaianni, HR director of theme park group Merlin Entertainments, and Grant Hearn, former chief executive of Travelodge, will join the board as non-executive members. | |
| Poundland flotation rumours | |
| There has been speculation about Poundland becoming a publicly listed company since at least 2013, on the back of continuing strong results. | |
| The economic downturn led to discount retailers outperforming the market in 2013 as consumers sought to make savings. | |
| Poundland's Dealz brand, which sells the majority of products at 1.49 euros (£1.20), launched in Ireland in September 2011. | |
| Former Sainsbury's managing director Jim McCarthy, who has more than 40 years' experience in retail, joined Poundland as chief executive in 2006. |