Poundstretcher snapped up by Majestic Wine owner
Fortress Investment Group, the private equity firm behind Majestic Wines, has acquired discount retailer Poundstretcher.
As part of the acquisition, former Morrisons group commercial director Andy Atkinson will take over as CEO, as owner Aziz Tayub retires from the business.
Interim chief executive Tristan Phillips will return to his role as chief financial officer, whilst former Morrisons head of operating and finance Trevor Strain will join Poundstretcher in a non-executive capacity.
Ahsan Aijaz, Fortress managing director and co-head of private equity, 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.”
Founded in 1981, Poundstretcher operates over 320 stores nationwide.
Fortress acquired Majestic Wines in 2019, which last week acquired ailing wine bar chain Vagabond out of administration.