Pep&Co founder and former Asda chief executive Andy Bond’s new value variety chain will be called GHM! (Guess How Much) and is due to launch this summer with backing from South African investor Christo Wiese, Drapers can reveal.
Between eight and 10 stores will open over the summer, starting at The Crescent retail park in Hinckley, Leicestershire, in June.
The 10,000 sq ft stores will stock around 6,000 items including kids’ and adult clothing from sister company Pep & Co, alongside household items and grocery brands. A third of its stock will be clothing.
The business and stores will be run independently from Pep & Co, which opened 50 stores across the UK last year.
GHM! is the second venture from Pepkor UK, an investment company founded by Bond and former Bain & Company consultant Mark Elliott.
GHM!’s leadership team includes former George at Asda category director Koray Gul as managing director, and Simon Singleton, who has been working with Pep&Co, as operations director. Singleton was formerly operations director at George and retail director at Republic.
Poundstretcher finance director Roy Ellis has been appointed to the same role at the new chain.
GHM!’s head office is in Leeds.
GHM! aims to capitalise on the “growing appetite in the UK for price-led discount shopping in locations closer to home”, said a spokesman.
Pep&Co, which launched last July, targets “mums on a budget” with its range of womenswear, kidswear and home decoration. Prices range from £1 to £25, with 95% of products priced under £10.