Poundstretcher Has Been Sold To US firm Fortress Investment Group
Job losses at Poundstretcher could be coming. Staff at more than 300 Poundstretcher stores are fearing for their jobs after the popular high street brand was sold for an undisclosed sum to the owner of Majestic Wine.
In a shock move, Poundstretcher which has 322 stores in the UK including in Skegness, Grimsby, Lincoln, Boston, Spalding, Scunthorpe, Stamford, and Gainsborough has been sold.
The popular discount chain has been sold to the US owner of Majestic Wine (Fortress Investment Group) for an undisclosed sum.
With news of the sale, staff at Poundstretcher are now fearing for their jobs and what the future holds. Although the new owners of Poundstretcher have not mentioned any job losses as yet, some employees at Poundstretcher have said they fear the new owners will shut down some of the stores and streamline the business.
Two former key players at Morrisons will be taking Poundstretcher forward. Andy Atkinson, former commercial director at Morrisons, will become Poundstretcher chief executive. Former Morrisons finance chief Trevor Strain, will also join the board.
Poundstretcher Job Losses Could Be Coming Fear Staff
Former owner of Poundstretcher Aziz Tayub who is set to retire has 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.”
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.”
The sale comes on the back of the news that sales at Poundstretcher dropped 2.8% for the first three months of the year.