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29th October 2019

Leading eCommerce platform receives substantial investment from Midven

  • The significant investment will enable Online Poundshop Ltd to upgrade the warehouse systems, and will create a range of new positions across the business including marketing and distribution roles.

Specialist eCommerce platform Online Poundshop Ltd (www.poundshop.com) has secured considerable investment from venture capital firm Midven, allowing the company to upgrade current warehouse systems, and create a range of new positions across the business – including marketing and distribution roles. The investment has come from the £35m West Midlands equity portion of the Midlands Engine Investment Fund (MEIF).

Based in Wednesbury and founded in 2014, Online Poundshop offers a wide variety of top brands and essential products at a discounted price direct to customers across the UK. The company has seen rapid growth since its inception largely due to a previous investment from Foresight VCT plc and strong entrepreneurial expertise within the management team. Online Poundshop Ltd was founded by Steven Smith, the pioneer of Poundland, and is led by Chris Maddox, former CEO of The Works.

The rise of eCommerce is prevalent across all spheres of business and Online Poundshop Ltd is at the forefront of the eCommerce revolution within the general discount sector. The investment in systems is key to scaling the business in line with rapidly increasing demand whilst delivering significant operational efficiencies for the business.

Chris Maddox, CEO of Online Poundshop Ltd said:

“We are delighted as a team to have received the additional backing from Midven, Their substantial investment will support the continued development of our systems including new warehouse and operational systems as well as the creation of a brand-new marketing function, underpining the increasing  demands we are already experiencing  but more importantly, providing for a solid operational platform to support our significant future growth plans . Whilst enabling us to stay one step ahead of our competitors this investment means that we remain being the UK’s fastest growing and largest online pound shop”.

Roger Wood, Director at Midven, said:

“Online Poundshop Ltd has grown rapidly over the last three years, demonstrating 50% year on year growth. The company is run by an extremely talented management team, all with exceptional track records within the sector. These two things combined made for a compelling case for MEIF to provide funding, to support investment into key systems that will enable the business to scale its eCommerce platform to the next level”.

Grant Peggie, Director at the British Business Bank said:

“This deal between the MEIF West Midlands Equity Fund and Online Poundshop is a great example of how the Fund is supporting companies to drive forward growth, development and create new job opportunities across the Midlands. I would encourage other growing companies to consider MEIF as a potential funding source.” 

Ninder Johal, Board Member Black Country LEP said: 

“This investment is great news for Black Country business and its fantastic to see companies such as Online Poundshop Ltd continue its growth trajectory with Midlands Engine investment. Investment such as this ensures and increases confidence in continued economic growth and productivity across the Black Country.”

The MEIF project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

Follow @midsenginv


The #MEIF Quick Reference Guide breaks down the different types of finance available through the Fund and the types of businesses best suited to each. Download it here - https://t.co/RngOaJw0eV https://t.co/EvAftZBCy7 MidsEngInv photo

The @BritishBBank has today released its Small Business Finance Markets Report 2020. Key findings include #MEIF supporting 20% of equity deals in the #Midlands, helping the region's businesses unlock new growth. Read #SBFM2020 here - https://t.co/W32Uh2aPWG https://t.co/MLDHvnredp MidsEngInv photo

20% of equity deals in the Midlands supported by the #MEIF - revealed in the @BritishBBank's #SBFM2020 Report released today - https://t.co/W32Uh2aPWG https://t.co/bCrbzCeChd
MidsEngInv photo
British Business Bank @BritishBBank
Our regional funds, @MidsEngInv and @NPIFBBB, have contributed 20% and 16% respectively to equity deal numbers in the North & Midlands #SBFM2020 #LevelUp

Download the full report now
👉 https://t.co/pSuiMCJXle https://t.co/VzV0nikT14

Growth Hubs are centres for business support, connecting firms to the right help for their needs. With 10 located across the Midlands, find your nearest here - https://t.co/47oT5NP7xK https://t.co/gW78zLZ8Ym MidsEngInv photo

Supporting innovation is a key priority for the #MEIF, with the Fund investing £150k in Birmingham-based @aceleronenergy – a firm developing cutting edge battery technology. In the video below, CEO Amrit Chandan explains how the funding supported the firm’s #Growth https://t.co/im8hET5eGZ

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Follow @midsenginv


The #MEIF Quick Reference Guide breaks down the different types of finance available through the Fund and the types of businesses best suited to each. Download it here - https://t.co/RngOaJw0eV https://t.co/EvAftZBCy7 MidsEngInv photo

The @BritishBBank has today released its Small Business Finance Markets Report 2020. Key findings include #MEIF supporting 20% of equity deals in the #Midlands, helping the region's businesses unlock new growth. Read #SBFM2020 here - https://t.co/W32Uh2aPWG https://t.co/MLDHvnredp MidsEngInv photo

20% of equity deals in the Midlands supported by the #MEIF - revealed in the @BritishBBank's #SBFM2020 Report released today - https://t.co/W32Uh2aPWG https://t.co/bCrbzCeChd
MidsEngInv photo
British Business Bank @BritishBBank
Our regional funds, @MidsEngInv and @NPIFBBB, have contributed 20% and 16% respectively to equity deal numbers in the North & Midlands #SBFM2020 #LevelUp

Download the full report now
👉 https://t.co/pSuiMCJXle https://t.co/VzV0nikT14

Growth Hubs are centres for business support, connecting firms to the right help for their needs. With 10 located across the Midlands, find your nearest here - https://t.co/47oT5NP7xK https://t.co/gW78zLZ8Ym MidsEngInv photo

Supporting innovation is a key priority for the #MEIF, with the Fund investing £150k in Birmingham-based @aceleronenergy – a firm developing cutting edge battery technology. In the video below, CEO Amrit Chandan explains how the funding supported the firm’s #Growth https://t.co/im8hET5eGZ

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