Poundworld is launching a big push into the South of England after acquiring 15 ex-Peacocks stores from the defunct chain.

The fast-growing discount chain has bought seven new stores in London including Fulham, Shepherds Bush and Tooting, and eight stores in the south east, including Reading, Bury St Edmunds and Crawley. The stores will more than double Poundworld’s presence in southern England from 10 stores to 25, and comes after the discounter increased its store estate by 33% last year, and grew sales by 42% and profits by 342%.

“This expansion is a very positive move,” said Poundworld trading director Chris Edwards Junior. “We’re looking forward to increasing our presence in a territory shared predominantly by Poundland and 99p Stores and we expect to see a good response from consumers.”

Poundworld could use the acquisition to roll out its unique dual-facsia concept in the larger stores, which splits floorspace between a standard Poundworld range and its multi-price format Discount UK range. The format is being trialled in Swindon.