Poundstretcher has been snapped up by the private equity firm behind Majestic Wine as owner Aziz Tayub retires from the business.
Fortress Investment Group said on Thursday (11 April) it had acquired the discount chain, which operates from over 320 stores nationwide and employs more than 4,000 people.
As part of the transaction, former Morrisons group commercial director Andy Atkinson will join Poundstretcher as CEO, while Tristan Phillips resumes his role as chief financial officer.
Former Morrisons operating and finance boss Trevor Strain will join the board in a non-executive capacity.
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Fortress managing director and co-head of private equity Ahsan Aijaz 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 long believed in the UK, and the consumer sector, as evidenced by our investments. 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.”
Outgoing Poundstretcher Tayub added: “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.”
The discounter is not the first retailer in Fortress’ portfolio as it snapped up Majestic Wine in 2019 for £95m.
Last week, the wine chain revealed it had rescued wine chain Vagabond out of administration, saving 170 jobs and nine of its wine bars.
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