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Fortress Investment Group has announced the acquisition of Poundstretcher, one of the UK’s largest discount retail chains, with over 320 sites nationwide. The deal, completed on Thursday, marks a significant development for Poundstretcher, which employs more than 4,000 people and is among the country’s leading private retail employers.
As part of this acquisition, Andy Atkinson, former group commercial director at Morrisons, will join Poundstretcher as its new chief executive, while Tristan Phillips, the brand’s former CEO, will assume the role of chief financial officer. The change in leadership comes following the retirement of Poundstretcher’s owner, Aziz Tayub.
Expressing optimism about the acquisition, Tayub stated, “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.” He commended the Poundstretcher team for their dedication over the 18 years of his ownership and expressed confidence in their future success under Fortress’s ownership.
This acquisition adds Poundstretcher to Fortress’s growing UK investment portfolio, which includes Majestic Wine, the country’s largest specialist wine retailer, and Punch Pubs Group, an independent pub company with over 1,200 pubs across the UK. Fortress has demonstrated a commitment to investing in and expanding its UK retail interests, with recent acquisitions and expansions within the consumer sector.
Ahsan Aijaz, managing director and co-head of Private Equity at Fortress Investment Group, emphasized the importance of Poundstretcher within the UK retail landscape, highlighting plans to drive growth, profitability, and job creation. Fortress’s strategy involves empowering management teams to execute their vision, and they look forward to collaborating with Poundstretcher’s leadership to realize the brand’s potential in the coming years.
