GENERAL MERCHANDISE NEWS
Discount chain Poundstretcher is being sold to private equity firm Fortress Investment, the owner of Majestic Wine and Punch Pubs.
The move follows the retirement of Poundstretcher’s outgoing owner, Aziz Tayub.
Fortress said in a statement that it is committed to investing in the business to help Poundstretcher grow both its offering and reach across the UK. It will also be building the retailer’s supplier relationships to improve the shopping experience for customers.
In further news, Fortress said that Andy Atkinson, the former group commercial director at Morrisons, will be joining Poundstretcher as chief executive, while Tristan Phillips will resume his role as chief financial officer. Alongside representatives from Fortress, Trevor Strain will be joining the Poundstretcher board in a non-executive capacity.
Ahsan Aijaz, managing director and co-head of private equity at Fortress Investment Group, said: “Poundstretcher is an exciting business in a critical part of the UK retail sector, and we recognise its importance to consumers across the country.
“We have a demonstrated history of investing in sponsored companies to drive growth, increase profitability and job creation—our plans for Poundstretcher are no different. Fortress believes in empowering management teams to deliver their strategy and we look forward to working with the team to invest in and grow Poundstretcher.”
Established in 1981, Poundstretcher has 322 stores nationwide and employs around 4,000 people.
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.”
Fortress also owns specialist wine retailer, Majestic Wine, which is currently expanding its store network. Majestic has recently acquired Vagabond Wines out of administration.