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Pep&Co sales reach £29m in first 15 months

Pep&Co sales reached £29.1m in its first reported results, and it made a gross profit before operating expenses of £7.9m.

The value retailer made a loss of £14.7m for the 15-months to 24 September 2016.

A spokesman said the expenses reflected “the investment required to establish a business from scratch that’s well positioned for future growth”.

Pepkor UK Retail began its launch on the UK high street in the summer of 2015, opening 50 stores trading as Pep & Co in just over 50 days.

The Pepkor UK holding company is run by former Asda chief executive Andy Bond and is a subsidiary of South African group Steinhoff, which bought Poundland for £597m in June last year.

Pepkor UK had 50 head office employees and 442 shop workers in September last year.

“We are capitalising on the permanent shift in consumer behaviour towards shopping at price-led retailers, in smaller high street locations, by offering simple discount-style pricing,” said chief financial officer Mark Jackson in a filing at Companies House. “Our principal target customer is a British mum on a budget.”

“We worked hard to overcome the operational issues we experienced in the first six months of trading, which gives us the confidence to press on with expansion,” added the spokesman.

“We have already embarked on a rapid second wave of expansion through shop-in-shop concessions in sister Poundland stores.”

By autumn this year, the firm will have full Pep&Co ranges available in around 170 locations, and an edited range in a further 570 Poundland stores.


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