A new high street chain is set to open as many as 150 stores in the next few months.

However, this is not like any other store as everything is priced at just £5.

Poundworld collapsed in June with the loss of 5,000 jobs and 335 shops, but the new Five Pound World is here to answer all our bargaining needs.

Founder Dev Singh, managing director of Opium Group has said they plan to open the stores nationwide.

This means one could be opening in Greater Manchester very soon as the company plans to open 150 shops within months.

Poundworld stores that closed in Greater Manchester were in Stretford,Denton, Manchester Arndale, Middlebrook, Hyde, Rochdale, Bury, Wigan and Ashton Under Lyne.

The new budget brand is set to rival B&M and other competitors.

It will rent spaces that have been left vacant by Poundworld, which went into administration earlier in 2018.

The collapse of the store was a major blow to high streets up and down the country.

(Image: PA)

But Mr Singh has recruited former Poundworld staff, including one of its regional bosses, an operational director and store development manager, to help run the new venture.

The range currently consists of only "general merchandise" and homeware but industry insiders say the existing range is only a quarter of that planned, with food and other fast-moving consumer goods to be added in "multibuy" deals.

In one example of multi-buy deals, four bottles of Domestos bleach will cost £5.

But the retailer also plans to let customers mix and match so they can choose a Domestos bottle along with other items, bringing the price to £5.

The Grocer says the hope is that raising the single price point will help Five Pound World escape some of the pressure on pound shop margins from the devaluation of sterling.

One insider said: "The pound is dead. Five pounds is the new pound."