Poundstretcher has pinched the ‘Bargain Buys’ fascia from under the noses of stricken discounter Poundworld.
First developed by Poundworld in 2013, there were around 50 Bargain Buys when founder Chris Edwards sold the business to TPG Capital in 2015. But Poundworld only got round to applying to trademark Bargain Buys 12 days ago - and four months after it went into administration in June.
During the last four weeks, however, Poundstretcher has converted or opened more than 10 stores under the Bargain Buys banner - even using the same font on the fascia.
A record on the UK Intellectual Property Office (IPO) website shows Poundworld applied to trademark the name on 5 October.
It is understood Poundworld administrators Deloitte have not agreed any sale of the brand but also that the name was not trademarked previously.
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IPO’s website shows several entries for the name Poundworld itself but no others for ‘Bargain Buys’.
The application with the filing date 5 October is under examination and not yet granted. The applicant is Poundworld Retail Ltd.
Poundstretcher, which is on an expansion drive, has not responded to The Grocer’s enquiries. Poundstretcher opened a store under the Bargain Buys banner on 23 September in Ipswich, with a ribbon cut by Mayor Jane Riley. It sells homewares, toiletries and food and drink, and is listed on Poundstretcher’s website along with more new Bargain Buys stores in Paisley, Newton Aycliffe, High Wycombe, Exeter and Newcastle.
“Make your way to our Newcastle Bargain Buys store that is bound to have you gasping in awe at our amazing deals and bargains,” the site says.
Posts by a Poundstretcher regional controller on LinkedIn show the discounter opened another Bargain Buys store in Newport, south Wales, two weeks ago. “We open under our Bargain Buys brand which is part of the Poundstretcher family,” the post says.
What Chris Edwards found at Poundstretcher
At least four more have opened since, in Southport, Oldbury, Lincoln and West Bromwich. LinkedIn posts include pictures showing the Bargain Buys banner on store fronts.
Bargain Buys founder Edwards, who also founded Poundworld, sold both to TPG Capital in 2015. While at that point there around 50 Bargain Buys, the number had decreased to 20 when it went into administration in June this year.
The Grocer revealed in September how Poundstretcher had acquired leases to a number of former Poundworld stores from landlords and was on a push to grow from 400 to 600 branches within three years.
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