NEW budget chain Five Pound World could be replacing empty Poundworld stores, 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.

Eleven jobs were lost in St Helens after the closure during the summer.

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.

Examples revealed so far include 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.

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