Housewares Business-to-business magazine for housewares retailers and their suppliers
As the deadline looms for Brits to empty their pockets and homes of round £1 coins, Poundland has today (Monday October 9) claimed that it will be the first retailer in the country to accept the old style coins after they are taken out of circulation.
The new 12-sided £1 coin became legal tender on March 28. Since then the current round coin and the new coin have been in circulation at the same time. But the current round coin will lose its legal tender status at midnight on Sunday (October 15).
The Royal Mint states that from October 16, shops and businesses are under no obligation to accept the current round £1 coins from customers and should not distribute them. These coins can continue to be deposited at most high street banks and Post Offices though.
But discount retailer Poundland has pledged that its 850-plus stores will accept the current round £1 coins as part of its ‘Legal Tender Extender’ initiative, up until and including October 31.
Poundland managing director Barry Williams said: “We are the official home of the pound, so it’s a no brainer that we offer all Brits the opportunity to spend their hard-earned round pounds for longer. Our Legal Tender Extender initiative means our customers have a little extra time to make the most of their money.
“We’re all about making our customers’ money go further, so providing an extra convenience for shoppers to lighten their pockets while doing the weekly shop rather than making a separate trip to the bank or Post Office will come as good news.”
The new 12-sided £1 coin became legal tender on March 28
