Poundland owner Pepco Group to float on Warsaw Stock Exchange

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Poundland owner Pepco Group announced plans to float on the Warsaw Stock Exchange to boost growth.

The retailer owns over 3,200 stores across 16 countries, serving 50mln customers each month.

The rollout programme has increased the portfolio by 300 net new stores per year in the three years ended September 2020, with the new plan targeting 70 new openings from the current financial year onwards.

The IPO will consist of the sale of its existing shares by current shareholders.

Pepco is looking to diversify its shareholder base and further separate from the Steinhoff group, its majority shareholder, so it can recruit, retain and incentivise its key management and staff.

The group will appoint five new non-executive directors including Richard Burrows, current chair of cigarette giant British American Tobacco PLC (LON:BATS) and a former governor of the Bank of Ireland, as chair.

“Following the brand’s successful launch in Italy and Serbia and its scheduled opening in Spain later this Spring, we now have the opportunity to target the whole of Europe for PEPCO, leading to even greater growth and scale,” said chief executive Andy Bond in a release.

“Our Poundland and Dealz business is also now clearly in roll-out mode with about 100 stores anticipated to be opened each year, initially focused in Spain and Poland.”

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