A NEW budget chain – Five Pound World – could be coming to East Lancashire, according to reports.

Trade publication The Grocer has claimed the new chain is set to take over empty Poundworld stores which closed earlier this year when the firm went into administration.

Eight jobs were lost when Poundworld closed in The Mall shopping centre in Blackburn.

Other Poundworld stores closed in Nelson, Accrington and Burnley.

The new £5 high street chain could open up to 150 stores in the next few months, according to reports.

Shoppers will be able to get multi-buy deals – all for £5.

One example given in the reports is that of four bottles of Domestos for £5 – but shoppers will also be able to mix and match.

The new brand aims to compete with bargain chain B&M.

The Poundworld group collapsed in June with the loss of 5,000 jobs across the country and 335 shops.

t will rent spaces that have been left vacant by Poundworld, according to some media reports.