Former commercial director Tony Page and colleagues Andy Latham and Steve Jebson will open 50 shops based on the old Woolworths format – and are working on a name ‘as close to the original as possible without breaching trademark’.
The first store opens in May and is likely to be in Camden, North London, or Notting Hill.
Page has secured £10million of funding for the move.
He told The Sun: “There’s a big gap in the market where Woolworths was. We want to recreate a better version of the old Woolies.
“We could have 300 sites in three years’ time if things work out.”
Page attempted to buy rights to the Woolworths name from administrator Deloitte, but lost out to Littlewoods parent Shop Direct, which is now relaunching the brand online.
Shop Direct is currently looking for feedback from ex-Woolworths customers at the retailer's homepage.