Poundland has acquired eight former Peacocks stores and is now in talks concerning a possible further deal.
The first three stores to be opened under the Poundland banner will be in Seacroft, Haringey and Newmarket. The discount retailer will then open further stores in Yate, Brighton, Dartford, Falkirk and Hoxton. The deal sees the creation of 220 jobs.
Fallen fashion retailer Peacocks was acquired by Edinburgh Woollen Mill last month. However, 244 of its 632 branches were not included in the deal and have since been shut.
Warburg Pincus paid £200m ( £240m) for Poundland in 2010, taking it off Advent International’s hands in an all-equity deal before its initial backers were able to launch an auction process.
Read more from sister title Real Deals.