Poundworld has announced that it is withdrawing from the Poundshop.com scheme that it launched with Poundland founder Steve Smith.

The project had failed to launch due to both companies failing to reach a “shared vision”. Poundworld said it also had ongoing concerns about operations, online trading, the site’s web platform and marketing.

Poundworld has decided that it will be launching its own e-commerce site instead next year.

Chris Edwards, junior trading director at Poundworld, said: “A mutual and constructive decision has been made by both parties for Poundworld to end its association with the Poundshop.com brand.

“We are still committed to online and Poundworld is putting plans in place to go it alone with our own online venture. By doing so, this will enable us to have full control over all aspects of the business ensuring that the site reflects our ongoing brand values and strategy.

“We wish Steve every success for the future.”