Retiring Poundland boss tells of pride and joy at £1bn-a-year Black Country business

Jim McCarthy is to leave the business this summer after a decade in charge, turning Poundland into a £1 billion-a year international business.

The company, with its headquarters beside the Black Country Route at Willenhall and a major distribution depot in Bilston, was founded in 1990 by Steve Smith and his father Keith. They sold up for £50m in 2000 and the new owners hired Jim McCarthy, the former head of Sainsbury's convenience stores, in 2006.

He already had a strong track record in retail, starting out as a paper boy with Dillons newsagents and later running Black Country-based T&S Stores with Wolverhampton businessman Kevin Threlfall - a man Mr McCarthy has often referred to as his mentor.

Under Jim McCarthy's leadership Poundland has grown from 146 stores with sales of £310 million to a business with over 900 stores in the UK, Ireland and Spain, adding an additional £1 billion of sales in the process.

He has also taken Poundland overseas, to Ireland and Spain, oversaw the £55 million takeover of 99p Stores last year and took the company public on the London Stock Exchange.

Mr McCarthy revealed retirement had been on his mind for more than five years – but the pressure of work kept him at his desk.

"There's a time when the cardigan and slippers have some more appeal. I'd started to think about retirement a while ago and I wanted to retire at 55 but there was so much going on at the time that I decided to stay. Instead I said that I would go at 60, and I reached that age in January.

"And there's the physical wear and tear as you get older. I've had to give up the regular five-a-side football, although I still play squash regularly.

"I've done 43 years in the business, in retail – 48 if you include my time as a paperboy – and 10 at Poundland by the time I go. That's quite a long time – about two and half times the usual tenure for a chief executive at a plc company.

"I really thought that it's time for my family to have more of their share of me, and I will leave an exceptional success or in Kevin O'Byrne. I've been heavily involved in the recruitment process – I still have quite a lot of shares in Poundland so I want to make sure it is in good hands."

In terms of work, there is a feeling of a job well done. The company is in good shape and the 252 99p Stores bought last year will have been converted into Poundlands by next month.

"I'm proud, and proud of my team as well; it's a brilliant business and they are a marvellous team – in my view they are the best in retail," said Mr McCarthy.

"I just feel it's time for the next phase, although my wife won't believe it until she sees it."

He and Rosie have been married since 1974 and have two sons and live in Stratford upon Avon. "She's been a great support to me and followed me around the country in different jobs. She's lovely and has been very patient. She knows my bones have been groaning a bit and she worries about that."

Mr McCarthy will effectively step down from his role in June, with his last role at Poundland at its annual shareholders' meeting in September.

After taking some time to put his feet up, Mr McCarthy says he will look for something "to keep my brain active" but not as an executive director. He remains chairman of agricultural suppliers Wynnstay and may be in the market for some other non-executive directorships.