Poundstretcher Acquired By Fortress Investment Group

Fortress Investment Group LLC, the investment firm which owns Majestic Wine and Punch Pubs, has agreed to acquire discount chain Poundstretcher.

Headquartered in Leicestershire, Poundstretcher operates over 320 stores across the UK and employs approximately 4,000 staff.  No jobs or stores are understood to be affected by the change in ownership.

The sale follows the retirement of owner Aziz Tayub who owned the business for 18 years. Andy Atkinson, a former group commercial director at Morrisons, is to take on the role of CEO, replacing Tristan Philips, who will move back into the role of CFO.

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 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."

Aziz Tayub, outgoing owner of Poundstretcher, 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."

Andy Atkinson, incoming CEO of Poundstretcher, 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."

Source : Insight DIY

Image : James Copeland / shutterstock.com / 1050465122

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