Bargain Buys

Last updated

Bargain Buys
Company type Private (Subsidiary)
Industry Retail
Founded2013;11 years ago (2013)
FounderChris Edwards Sr.
Headquarters Kirby Muxloe, Leicester
Number of locations
61
Area served
United Kingdom
Products
Parent Poundstretcher
A Bargain Buys store, when a subsidiary of Poundworld, in Newport, South Wales Bargain Buys, Newport (geograph 4067375).jpg
A Bargain Buys store, when a subsidiary of Poundworld, in Newport, South Wales

Bargain Buys is a British variety store chain, and a subsidiary of Poundstretcher. [1] The company is based in Kirby Muxloe, Leicester. [2]

Contents

The Bargain Buys name was first used in 2013 by Chris Edwards Sr. and Chris Edwards Jr., to be a subsidiary of the single-price chain they founded, Poundworld. [3] In 2015, TPG Capital purchased a majority stake in Poundworld and Bargain Buys, the chain went into administration in 2018, with all locations closed.

Later in 2018, Poundstretcher trademarked and began opening new stores nationwide as 'Bargain Buys'. A legal dispute between Poundstretcher and businessman Manni Hussain (who purchased the Poundworld intellectual property assets) began over the 'Bargain Buys' trademark. Poundstretcher won the suit as the Bargain Buys name had not been previously trademarked by Poundworld.

History

Poundworld subsidiary (2013-2018)

The logo from 2013 to 2018, when a subsidiary of Poundworld. Bargain Buys Logo.jpg
The logo from 2013 to 2018, when a subsidiary of Poundworld.

Bargain Buys' first store was opened in Walsall in November 2013. [4] Edwards and Edwards launched the multi-price chain to complement their single-price chain. Bargain Buys was the result of rebranding existing Discount UK (Discount NI in Northern Ireland) stores, initially launched in 2010. The name and branding was changed to allow the chain to compete more closely with its rivals in the market, [5] and to exploit the expanded product range and knowledge that the business had built up. [6]

The stores were invented to rival the likes of popular discount retailers such as Home Bargains, B&M Bargains and Poundstretcher.

As of 2015, the chain had 41 stores across the United Kingdom [ citation needed ]. The company intended to expand rapidly, with plans to double the number of stores by 2016, [7] and to open an additional 100 stores by 2018. [6] In April 2015 it launched an online store in a bid to expand its customer base. [8]

The chain stocked over 8,000 products over 25 departments, this included groceries, home living and cleaning to toys, electricals and pet care. It sold leading household brands including Coca-Cola, L'Oréal, Fairy and Gillette. [9]

On 15 May 2015 the Edwards family announced that they had sold a majority stake in both Poundworld and Bargain Buys business to US private equity firm TPG for £150 million. [10]

On 11 June 2018, TPG announced that the Poundworld and Bargain Buys stores had appointed administrators after talks to sell the company fell through. [11]

At some point during or after June 2018, the official website was shut, and the Facebook and Twitter pages stopped being updated with new products and offers. Any remaining Poundworld stores closed in early August. It's not clear whether any Bargain Buys stores remained trading this long as well, or were closed earlier in June or July. [12]

Poundstretcher subsidiary (2018-present)

Poundstretcher began to open stores under the Bargain Buys name towards the end of 2018, their first being in Paisley in September 2018. This was followed by 59 other stores across the UK. The Bargain Buys brand was purchased by New Money, a company established by Yorkshire-based property entrepreneur, Manni Hussain, who unsuccessfully attempted to trademark the Bargain Buys name in October 2018.

Poundstretcher filed a month later and successfully won the trademark with the phrase 'Bargain Buys, Big Brands Big Discounts'.

In early 2019, Poundstretcher was successful in trademarking the Bargain Buys name. Throughout 2019, the company has since opened over 75 stores across nationwide using the Bargain Buys name, with plans of more to come throughout 2020. [13] [14]

As of October 2019, Poundstretcher has opened over 75 Bargain Buys stores, many of which are opened in former Poundworld and Bargain Buys units. As of March 2023, there are 61 Bargain Buys stores. [15]

See also

Related Research Articles

<span class="mw-page-title-main">F. W. Woolworth Company</span> Retail company

The F. W. Woolworth Company was a retail company and one of the pioneers of the five-and-dime store. It was among the most successful American and international five-and-dime businesses, setting trends and creating the modern retail model that stores follow worldwide today.

<span class="mw-page-title-main">Variety store</span> Retail store that sells inexpensive general merchandise

A variety store is a retail store that sells general merchandise, such as apparel, auto parts, dry goods, toys, hardware, furniture, and a selection of groceries. It usually sells them at discounted prices, sometimes at one or several fixed price points, such as one dollar, or historically, five and ten cents. Variety stores, as a category, are different from general merchandise superstores, hypermarkets, warehouse clubs, grocery stores, or department stores.

<span class="mw-page-title-main">Best Buy</span> American multinational consumer electronics retailer

Best Buy Co., Inc. is an American multinational consumer electronics retailer headquartered in Richfield, Minnesota. Originally founded by Richard M. Schulze and James Wheeler in 1966 as an audio specialty store called Sound of Music, it was rebranded under its current name with an emphasis on consumer electronics in 1983.

<span class="mw-page-title-main">Iceland (supermarket)</span> British supermarket chain

Iceland Foods Limited, trading as Iceland, is a British supermarket chain headquartered in Deeside, Wales. It mainly sells frozen foods, including prepared meals and vegetables, alongside non-frozen grocery items such as produce, meat, dairy and dry goods. The company also operates a chain of shops called The Food Warehouse.

<span class="mw-page-title-main">Poundstretcher</span> British discount store chain

Poundstretcher is a British variety store chain, founded in 1981 by Paul Appell and Stephen Fearnley. The retailer is currently based in Kirby Muxloe, Leicestershire, as a subsidiary of Fortress Investment Group.

A discount store or discounter offers a retail format in which products are sold at prices that are in principle lower than an actual or supposed "full retail price". Discounters rely on bulk purchasing and efficient distribution to keep down costs.

<span class="mw-page-title-main">Dollar Tree</span> American discount variety store chain

Dollar Tree, Inc. is an American multi-price-point chain of discount variety stores. Headquartered in Chesapeake, Virginia, it is a Fortune 500 company and operates 15,115 stores throughout the 48 contiguous U.S. states and Canada. Its stores are supported by a nationwide logistics network of 24 distribution centers. Additionally, the company operates stores under the name of Dollar Bills, as well as a multi-price-point variety chain under the Family Dollar banner.

<span class="mw-page-title-main">British Home Stores</span> Former British department store chain

British Home Stores, commonly abbreviated to BHS and latterly legally styled BHS Ltd, was a British department store chain, primarily selling clothing and household items. In its later years, the company began to expand into furniture, electronics, entertainment, convenience groceries and fragrance and beauty products.

Kwik Save is a British convenience store chain. Prior to 2007, it was also a discount supermarket chain that had shops across the United Kingdom. It went into administration in July 2007, but was brought back in April 2012. Its shops were small to medium-sized high street supermarkets, mainly located in areas with below average incomes.

Home Bargains is a British variety store chain founded in 1976 by Tom Morris in Liverpool, England, as Home and Bargain. It is the trading name of TJ Morris Ltd.

Poundland is a British variety store chain founded in 1990. It once sold most items at the single price of £1, including clearance items and proprietary brands. The first pilot store opened in December 1990 following numerous rejections by landlords who had reservations about allowing a single-price store to operate, fearing it could adversely affect the local competition. An estimated 7 million customers shopped in Poundland every week in 2016, many being female shoppers in the C1, C2, D and E categories. Following a drop in share price of over 50%, Poundland was acquired in August 2016 by Steinhoff International for £610 million.

<span class="mw-page-title-main">...instore</span>

...instore was a chain of retail stores in the United Kingdom, selling a range of products and principally concentrating on value homeware items.

<span class="mw-page-title-main">99p Stores</span>

99p Stores Ltd. was a family-run business founded in January 2001 by entrepreneur Nadir Lalani, who opened the first store in the chain in Holloway, London, with a further three stores opening later that year. In 2002, Lalani decided to expand the business throughout the UK and had rapidly developed 99p Stores, operating a total of 129 stores as of March 2010 and serving around 1.5 million customers each week, undercutting their main rival Poundland by a penny. As of mid-2009 the company offered more than 3,500 different product lines throughout its stores.

<span class="mw-page-title-main">B&M</span> Variety retailers in the United Kingdom

B&M European Value Retail S.A., trading as B&M, is a British multinational variety store chain founded in 1978 and incorporated in Luxembourg. It is listed on the London Stock Exchange, and is a constituent of the FTSE 100 Index.

Quality Save was a chain of discount stores operated in northern England. The head office/store for Quality Save was located in Swinton.

<span class="mw-page-title-main">Ugo (retailer)</span> Chain of convenience stores in the UK

UGO was a chain of convenience stores in the United Kingdom owned by the Haldanes Group and was started in January 2011.

Poundworld was a chain of British value variety stores that sold most of its items for £1. It was founded in 1974 by Yorkshire-based father-and-son team Chris Edwards Sr. and Chris Edwards Jr. In contrast to many high street retailers, it maintained strong sales and growth during the global recession that started in 2007. Poundworld's product range consisted of over 6,000 items including groceries, health and beauty, toiletries, cleaning products and pet care, some of them known brands. At its peak it had 335 stores in England, Wales, Scotland and Northern Ireland. In 2014, it planned to open 150 new stores within three years.

<span class="mw-page-title-main">Netto UK</span> Former discount supermarket chain

Netto was a discount supermarket chain in the United Kingdom. Netto arrived in the United Kingdom in December 1990, as part of an internationalisation process by its Danish owner, Salling Group. By May 2010, it operated 193 stores, before it was sold to Asda. In June 2014, Salling Group returned Netto to the United Kingdom, as a 50:50 joint venture with Sainsbury's.

Off-price is a trading format based on discount pricing. Off-price retailers are independent of manufacturers and buy large volumes of branded goods directly from them. The off-price retail model relies on the purchase of over-produced, or excess, branded goods at a lower price, thus being able to sell to consumers at a discount compared to other stores which purchased an initial run. Among the largest retailers of this type are TJX Companies and Ross Stores. The model is more common in countries that import fashion-oriented or household goods, as the discount role in producer countries is usually filled by factory outlets or small-scale open-air marketplaces.

OneBeyond is a British variety store launched by Christopher Edwards and Chris Edwards Sr. Christopher Edwards is managing director while father Chris Edwards Sr is chairman.

References

  1. "About Us". Poundworld Retail Ltd. 2015. Archived from the original on 2 April 2015.
  2. Pegden, Tom. "Poundstretcher moving head office operations from Huddersfield to Leicestershire". Business Live. Archived from the original on 17 October 2019.
  3. "New bargain store set to open in King's Lynn shopping district". Johnston Press. 2015. Archived from the original on 25 March 2015. Retrieved 27 March 2015.
  4. "Now townsfolk will be quids in with new Bargain Buys store". LocalWorld. 2013. Archived from the original on 2 April 2015. Retrieved 27 March 2015.
  5. "Bargain Buys is new fascia name for Poundworld's 35 DiscountUK multi-price stores". William Reed Business Media. 2013.
  6. 1 2 "Poundworld launches new Bargain Buys fascia". The Retail Bulletin Events Ltd. 2013.
  7. "bargain buys bagging 100 new retail jobs for the north east". Employment4Students.co.uk Ltd. 2015.
  8. "Timeline Photos". Facebook. 2015.
  9. "Bargain Buys to open a store in Middlesbrough shopping centre creating 20 new jobs". Trinity Mirror. 2015.
  10. "Poundworld sold to US firm for £150m - bbc.co.uk p.15 May 2015" . Retrieved 16 May 2015.
  11. "Poundworld collapses into administration". BBC News. 11 June 2018. Retrieved 13 July 2018.
  12. "Poundworld to disappear from High Street". BBC News. 19 July 2018. Retrieved 9 August 2018.
  13. Farrell, Steve. "Poundstretcher wins trademark battle for 'Bargain Buys' name". The Grocer. Archived from the original on 17 October 2019.
  14. "This new store will be officially opened in town". Wiltshire Times. Retrieved 17 October 2019.
  15. "Profit and turnover falls at Poundstretcher - but firm remains optimistic for brighter future | TheBusinessDesk.com". East Midlands. 8 January 2024. Retrieved 9 March 2024.