Former Poundland boss plans to launch online rival

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."