After £1 shop… it’s fiver store!

AFTER the collapse of Poundworld, customers have a new High Street offering – the UK’s first £5 shop.

The Only5Pounds discount stores are due to open across the country after success online. The first opened in Northampton last month – selling home and kitchen goods, DIY tools and toys.

The brand is now set to go head-to-head with competitors such as B&M and The Range by opening another 100 shops in the next three years.

Managing director Vinod Chopra said he is planning to rent out spaces that have been left vacant by Poundworld, which went into administration in June.

The collapse of the retailer was a blow to high streets, endangering around 5,100 retail jobs. Mr Chopra said: ‘We want to bring online prices to the high street so everyone can benefit from the savings.’

In order to keep prices down, Only5Pounds buys products directly from factories. The shops will double as click-and-collect points so shoppers can order online and pick up in store.