// Poundland owner announces acquisition of up to 29 store leases in Austria
// The company said the assignments are expected to be completed by end of September
Poundland owner Pepco Group has announced a framework agreement for the acquisition of up to 29 store leases in Austria.
The company said the assignments are expected to be completed by the end of September, allowing the stores to trade throughout the important fourth calendar quarter.
Austria would represent the 17th territory for the group and the 15th for the Pepco brand, following the successful recent openings and customer reception of Pepco in both Italy and Spain being its initial western European markets.
The group currently trades in 16 countries across Europe operating more than 3200 stores in total.
“Following Pepco’s successful launch in both Italy and Spain, the signing of this agreement is a further statement of our confidence in the compelling proposition that we believe Pepco brings to customers across the entirety of Europe,” Pepco Group chief executive Andy Bond said.
“We are confident that the combination of market leading prices, product quality and choice that Pepco is famous for combined with the high quality stores we are acquiring will prove a winning combination to our new customers in Austria, as a key part of our ambitious plans to become Europe’s pre-eminent discount variety retailer.”