// Poundstretcher owner Aziz Tayb wants to float the value retailer this year, he tells BusinessLive
// Chief executive Derek Lawlor who joined last August exited after less than a year
Poundstretcher chief executive Derek Lawlor has left the business after less than a year at the helm, as owner Aziz Tayub eyes an IPO.
Lawlor, who was previously chief merchandising officer at Asda, joined the firm last August but left after a difference of opinion over the future direction of the business.
Tayub told BusinessLive: “He left because he wanted to make a lot of changes, and we couldn’t agree with those changes. This is a company that can’t change dramatically, it needs steady changes, so we agreed that he would leave. He officially leaves mid-May because he is on gardening leave.
“We have got some new people hopefully joining us soon.”
Tayub said he is looking to bolster its management team, including hiring a new chair.
The Poundstretcher owner also revealed he is planning to float the business this year or next and hopes the firm is valued at between £250-£300 million.
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Rothschild has been hired as Poundstretcher’s advisers.
Tayub believes a float will help finance the retailer’s store expansion plans as it looks to open 50 new shops a year to take a bigger share of the discount food and homewares market.
“It will happen when the market is right more than likely this year,” he told BusinessLive, adding that as the business has just come out of a CVA, it will be “easier for us to do it this year than in previous years. We believe it [the market] will improve.”
He added: “We came out of the CVA in October, we are debt-free, we’ve tidied up a lot of stores and have hardly any loss-making stores now. We also have plenty of stock to cover any eventualities.”
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