Bargain chain with seven stores in Greater Manchester sold to US firm
11.04.2024 - 19:59
/ manchestereveningnews.co.uk
High street bargain retailer Poundstretcher, which has over 300 UK stores, has been sold to a US investment fund. The stores' new owner, Fortress Investment Group, previously bought out Majestic Wines and now also owns the bargain retailer, which has seven stores in Greater Manchester.
New York based Fortress has entered an agreement to acquire all of Poundstretcher's 322 stores, in a move that follows the retirement of owner Aziz Tayub. The self-made businessman had considered taking the enterprise public for an estimated £300 million but decided to sell the business instead.
The exact value of the sale to Fortress was undisclosed. The company took over Majestic Wines in 2019 and subsequently acquired Punch Pubs Group, which owns 1,241 pubs across the UK two years later, reports the Mirror.
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Starting in 1981, Poundstretcher, which is headquartered in Leicestershire, sells various products including food, toiletries, and garden essentials.
The retailer's five stores in Greater Manchester are on: Hale Top in Wythenshawe, London Road in Hazel Grove, Manchester New Road in Middleton, Ashton Retail Park in Ashton-under-Lyne, Central Retail Park in Rochdale, Manchester Road in Bolton, and Market Place in Hyde. The sale of the business should not affect these stores, however.
Andy Atkinson, the former commercial director of Morrisons, will become Poundstretcher's chief executive. Moreover, another ex-Morrisons employee, finance chief Trevor Strain, will also join the board.
Mr Tayub expressed his satisfaction saying: "I am very pleased that the Fortress team will be providing the resources and investment needed to take Poundstretcher