Poundworld has revealed it is to open 200 new stores and create 4,000 jobs in the next three years as part of its expansion plans.

The UK fixed-price discounter announced the news this week as it unveiled plans for a new 524,000 sq ft distribution centre in Normanton, Wakefield. The centre itself will create 300 jobs, and the planned expansion is expected to create at least a further 3,700.

The news comes after global private-equity firm TPG spent £150m on a majority stake in the retailer in May.

Construction of the new centre is due to commence this summer, with completion targeted for autumn 2016. The new warehouse will serve Poundworld’s current network of over 280 stores nationwide, including those under the Bargain Buys fascia.

“Our new distribution centre will improve efficiency and allow us to offer our customers even more amazing products, increasing the variety in our stores,” said founder and CEO Chris Edwards.

“It’s an exciting step forward for us and we look forward to providing further jobs in the Yorkshire region and in other areas across the UK that will be home to new Poundworld stores.”