𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

Poundland has confirmed it will return to simple £1, £2 and £3 grocery pricing across all its UK stores as the chain looks to turn around its fortunes after avoiding administration.

The discount chain pledged to price around 60% of grocery items at £1 across its estate following the changes, which comes after a five-month pilot at 17 stores in the West Midlands.

It said the move will see it go “back to its roots” and mark “the end of additional price complexity”, with simple pricing set to be rolled out across general merchandise and clothing ranges in the coming months.

The group added that the changes have helped cut shoplifting by over a quarter in trial stores, by ending the sale of higher-priced items that were attractive to thieves, such as £5 dishwasher tablets.

It comes as part of recovery plans after it swerved collapse following High Court approval earlier this week for a major restructuring plan, just days before the firm was due to run out of money.

The scheme will see up to £60 million of new funding injected to keep the retailer afloat and allows it to press ahead with a store closure programme, which will see 68 shops shut, impacting around 1,000 workers.

Barry Williams, Poundland managing director, said: “Customers have told us loud and clear during these pilots that they will back a simpler, more focused Poundland that keeps its promise of amazing value.

“We’ve heard them, and the clear success of our pilot is why I’m confident that a Poundland that’s focused on the simple value our customers expect, has a bright future.”

Poundland will also roll out a re-focused grocery range alongside the pricing overhaul.

It has already been extended to five stores outside of the West Midlands, in Manchester, Liverpool, Hanley, Brixton and Wandsworth.

Poundland said that when complete, around 60% of grocery items will be at £1, 20% will be at £2, and 20% at £3.

The firm, founded in Burton upon Trent, Staffordshire, in 1990, was sold by Pepco Group to Peach Bidco, a subsidiary of private equity firm Gordon Brothers, for £1 in June.

At the time, it had around 14,700 staff members and operated about 800 stores.