Former Woolworths boss in store buyback plan

A Woolworths-style chain could return to Britain’s high street under plans by the failed retailer’s former boss to buy back its vacant stores, it was reported today.

Tony Page, previously managing director of the Woolworths store chain, is understood to have joined forces with ex-UBS banker Gareth Thomas to raise up to £10m (€11.4m) to snap up the old shops.

He is planning to launch a variety store that will fill the void left by Woolworths, bringing back the much-loved “pic’n mix” sweets, toys and everyday items, according to The Sunday Times.

Mr Page is reportedly tapping up wealthy investors and private equity firms this week to garner support for the plans.

Other former Woolworths bosses are also thought to be working with Mr Page.

Plunging sales and mounting debts forced the group into administration late last year just after its 99th birthday.

Efforts to rescue the business failed, with the loss of 27,000 jobs.