US investment firm TPG has confirmed today it has bought a majority stake in UK fixed price discounter Poundworld.

TPG will inject new equity capital to fuel a nation-wide store expansion programme and invest in new distribution facilities.

Founded in 1974, Poundworld currently serves over two million customers weekly from over 280 sites under the Poundworld and Bargain Buys brands.

“After 40 years of building this great company, I am very excited to have a partner like TPG to support Poundworld’s next phase of growth. They bring with them an extensive and global body of experience in retailing, which will help us to create the infrastructure and develop new capabilities to reach our very ambitious goals,” said founder and CEO Christopher Edwards Sr.

“I began this business as a market trader and we now have millions of customers from all corners of the nation and all walks of life. Still, there is so much more for us to achieve,” he added.

Edwards Sr, chief procurement officer Christopher Edwards Jr and other senior executives will retain a substantial minority equity position in the company.

Abel Halpern, a partner at TPG said, “We see the continuing rise and evolution of the value retailer as an exciting change in the UK retail landscape.

“Poundworld has succeeded in building one of the leading positions in the market with a focus on consumer preference, convenience and value. With our financial backing and retail experience, combined with Poundworld’s entrepreneurial dynamism and strong brand, the business is now well positioned for continued growth.”

The operational centre of Poundworld will remain in Normanton, West Yorkshire.

The investment by TPG is funded with equity only and has been completed today. No further financial terms of the transaction were disclosed.

Poundworld and its shareholders were advised on the deal by PwC’s corporate finance team in Yorkshire.