Poundworld UK has been purchased by Dublin retailing family, the Hendersons, who opened Ireland's original Poundworld store in 1984.
David Henderson confirmed their offer had been accepted by administrators Deloitte on Thursday to purchase the best and remaining stores for an undisclosed sum.
Poundworld UK, which was bought by US TPG Capital in 2015 for £150 million, collapsed into administration in June, closing over 250 stores, resulting in the loss of 4,000 jobs.
Ray Henderson sold his original Poundworld, then changed to Euroworld in 2007.
His son, David Henderson, who has experience in the retail sector in Ireland and the US, led the negotiations.
"We are delighted to have agreed the purchase of Poundworld and we now look forward to bringing the company back to profit and provide current and new customers with an unrivalled product offering at low prices," David Henderson said.
The Hendersons have formed a new UK entity, RVP Holdings Limited, to operate the business there.
Poundworld turned over nearly £500m in 2017 with 6,000 employees across 337 stores, selling everything predominantly at £1.