Discount retail chain JTF Central is set to open 50 high street sites across the UK, following its upcoming debut launch in Hull.
The new venture, which will operate as an extension to JTF Mega Discount Warehouse, is set to create 2,000 jobs.
The wider group currently trades with a portfolio of 12 sites across the North and the Midlands, and requires its customers to be members of the business.
JTF Central will be led by Jeremy Coombes, a corporate financier, who claimed that Metro Bank would be funding the new business.
Coombes said: “We are confident that we can take our experience and learnings as an out-of-town discount retailer and apply these successfully in new areas, such as high streets, with a creative and innovative new approach to retail.
“Combining the leisure and entertainment sectors with shopping, JTF Central will bring the JTF experience to new customers in a unique way, creating a fun place for children and families to shop, and injecting life back into vacant high street stores in the process.”
JTF Mega Discount Warehouse returned to profitability last year, following both its takeover by retail veteran Arthur Harris and its ability to remain open as an essential business during the pandemic.
Harris previously set up supermarket chain Haldanes Stores and Ugo, expanding its portfolio to 26 stores through the acquisition of a number of the Co-op’s Somerfield stores.
However, the group fell into administration within two years of trading, as Harris’ venture fell short of its 50-store, £100m business target.
Retail Sector has contacted JTF for further comment.