Pepkor Europe, the parent company of Poundland in the UK and Dealz in Ireland, has been renamed as Pepco Group.
The renaming marks the culmination of a year of significant development and growth, the retailer said.
'Another Successful Year'
Andy Bond, CEO of Pepco Group, commented, “Our new name is more distinctive and clearly links the group to its largest operating company and source of future growth."
“The renaming of our business to Pepco Group follows another successful year for all our trading brands. At the Group level, we anticipate EBITDA1 will increase by 18% year on year, giving a total growth over the past three years of 140%," he continued.
The group has completed a long-term €475 million refinancing package, and strengthened the management team through a number of senior appointments.
The company aims to launch up to 300 stores each year, primarily within Pepco, in the 11 countries in which it operates.
The group will also accelerate the roll-out of Dealz outlets in Spain and Poland.
"Following a successful refinancing and with a clear, focused strategy in place, we remain well-positioned to continue our growth and deliver our ambition to become Europe’s pre-eminent discount variety retail business," Bond added.
Pepco Group houses three independent discount retail brands: Pepco, Dealz, and Poundland.
Presently, the group operates more than 26,000 stores in 14 countries, employing over 33,000 people.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.