Pound shop pioneer Chris Edwards has retired as chairman of One Beyond, with his son Chris Edwards Jr taking full control of the discount chain.
Edwards Jr has been CEO of One Beyond since he and his father opened the first store in 2019. He has now bought his father’s controlling share, enabling the 75-year-old to step back.
Edwards Sr also founded Poundworld in the 1970s, and together with Edwards Jr built it into a 280-store discount empire before selling for £150m to PE firm TPG in 2015.
The pair went on to found One Beyond after Edwards Sr was unsuccessful in a bid to buy back a portion of the Poundworld business from administrators in 2018, followings its collapse under TPG ownership.
One Beyond has since grown to 119 stores.
Edwards Sr appeared in October in the Channel 4 show Secrets of Supercheap Shopping, which billed him as the ‘daddy of discount’ as it followed preparations for a store opening.
“The business is doing well,” Edwards Sr told The Grocer. “Trading is up about 7% on last year.
“I haven’t left for any reason other than it being time now. I put my money in when I was 60-something and now I’m 70-something.
“He [Edwards Jr] has been running it anyway and always wanted to take control and do it on his own.”
One Beyond said it was a natural evolution for the business, which Edwards Jr would continue to lead into its next chapter.
Edwards Jr said: “While my father’s retirement is well deserved, our mission remains unchanged. Having run the business since we opened our doors, I am excited to take full ownership.
“The buyout allows for a streamlined ownership structure that aligns with our long-term operational goals. There will be no change to its core operations and this ensures long-term stability for One Beyond’s employees and trading partners.”
The chain was originally named One Below, reflecting a strategy of pricing everything at £1 or less, but inflation prompted a rebrand to One Beyond in 2022, as it moved to promising ‘amazing value from only £1’.
Edwards Sr said: “The pound game – everything at £1 – cannot be done anymore, but you can have a similar appeal, and that’s what my son has managed to do, with a sprinkling of multi-pricing but still with the same feel.
“We’ve still got a lot of that original feeling that made Poundworld tick, with the old staff, and it’s going well.
“I’m optimistic that it’s in a good state and it’s time to go.”
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