A NEW retailer has been lined up to move into a sizeable unit in Greenock's Oak Mall.

Five Pound World has signed a deal to take over the former Poundworld premises in the spring.

The new high street bargain chain - where everything costs £5 - launched in September last year and will move into the large Hamilton Way unit in April.

The premises has been empty since Poundworld folded in July last year with 12 members of staff made redundant.

A further 11 employees also lost their jobs at the company's Port Glasgow retail park unit, which had only been open for nine months.

Five Pound World reportedly want to open 150 stores across the UK within 12-18 months, capitalising on retail spaces left vacant by Poundworld.

The expansion is set to continue in Greenock after bosses signed a deal to move into the Oak Mall.

However, officials in charge of the Port Glasgow retail park say they are not in discussions with the company about their empty former Poundworld shop between Aldi and B&Q and that they have other plans for it.

Five Pound World opened its first store in Burton-on-Trent in October last year followed by outlets in Derby and Walthamstow in London.

The discount chain was founded by businessman Dev Singh, managing director of a company called Opium Group.

According to reports, everything will cost £5, either as individual items or as part of multi-buy deals.

The company's product range is said to currently consist of general merchandise and homewares but the plan is to expand into food and other lines.

The Tele contacted Mr Singh for a comment.