Media playback is unsupported on your device

Former Poundland boss plans to launch online rival

3 February 2014 Last updated at 16:02 GMT

The founder of Poundland says he is planning to launch an online rival to the bargain store.

Steve Smith, 53, created Poundland aged 16 and went on to sell the entire chain for £50m.

His new venture, Poundshop.com, will offer products online for a pound but customers must spend a minimum amount and pay a delivery charge.

Smith told BBC Radio 5 live's Stephen Nolan: "I started the pound concept on the high street so I thought it might be a good idea if I start the pound shop online."

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.