Poundstretcher, the 322-outlet national discount variety store retail chain, is to be acquired by funds managed by affiliates of Fortress Group, enabling Aziz Tayub to retire from the business. Former Morrisons group commercial director Andy Atkinson will join Poundstretcher as CEO, with Tristan Phillips as CFO under the new ownership.
Andy 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.”
Aziz 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.”
Fortress owns Punch Pubs Group as well as Majestic Wine.
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