Poundworld’s administrators have confirmed the sale of the discounter’s brand.
All of Poundworld’s intellectual property assets have been sold to the Leeds-based company New Money, according to Deloitte. The deal includes the names Poundworld and Bargain Buys.
Rival discounter Poundstretcher has been opening stores under the Bargain Buys banner since September, despite not securing a deal with Deloitte to buy the brand.
The Grocer revealed earlier this month how, despite owning a chain of up to 50 Bargain Buys stores since 2013, Poundworld did not apply to trademark the name until October this year, four months after collapsing into administration and some weeks after Poundstretcher adopted the brand. Poundstretcher has opened more than 10 stores under the banner, even using the same fascia font.
New Money is owned by Leeds businessman Manni Hussain, also the chairman of the property company 88M Group.
Neither he nor Poundstretcher have provided a comment.
Poundworld had 335 stores and employed about 5,100 people when it went into administration on 11 June.