Discount chain Poundstretcher is being snapped-up by the US owner of Majestic Wine.
New York-based Fortress Investment Group has struck a deal to buy Poundstretcher, with 322 stores, following owner Aziz Tayub’s retirement. Self-made tycoon Mr Tayub, 69, previously suggested he wanted to float the business on the stock market for up to £300million.
The value of the sale to Fortress was not disclosed. Fortress bought Majestic in 2019. Two years later it added Punch Pubs Group, which has 1,241 pubs across the UK. Poundstretcher, headquartered in Leicestershire, was started in 1981 and sells everything from food and toiletries to garden essentials.
Andy Atkinson, former commercial director at Morrisons, will become Poundstretcher chief executive. Another ex-Morrisons bigwig, finance chief Trevor Strain, will also join the board. Mr Tayub said: “I am very pleased that the Fortress team will be providing the resources and investment needed to take Poundstretcher to its next stage of growth following my retirement.
“Fortress are well placed to work with the fantastic Poundstretcher team, who I’d like to thank for their hard work and dedication during the 18 years that we’ve grown the business together, and I look forward to watching and cheering their shared success in the years ahead.”
Poundstretcher announces plan to open 50 new stores and workers get 10% pay rise
Mr Atkinson said: “Poundstretcher is an exciting business with huge potential, in a large, growing and resilient sector. We are committed to being long term stewards of the business, investing to grow Poundstretcher and build on the great work established by Aziz and his team.”
It came as rival Poundland revealed a 2.8% fall in sales for the first three months of the year. Owner Pepco said it was continuing to witness extra freight charges and delays due to disruption in the Middle East. Pepco also announced Stephan Borchert as chief executive.
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