| Poundstretcher Limited | |
| Type: | Private (Subsidiary) |
| Founders: | Paul Appell Stephen Fearnley |
| Key People: | Andy Atkinson (CEO) Tristan Phillips (CFO) |
| Locations: | 324 (as of March 2023) |
| Industry: | Retail |
| Owner: | Fortress Investment Group |
| Subsid: | Bargain Buys |
Poundstretcher Limited is a British variety store chain, founded in 1981 by Paul Appell and Stephen Fearnley. The retailer is currently based in Kirby Muxloe, Leicestershire, and since April 2024 has been a subsidiary of the Fortress Investment Group.[1] [2]
As of March 2023, the retailer has 324 locations and employs around 4,000 people, with 61 of its locations trading as Bargain Buys.[3]
Poundstretcher was established in 1981 by Paul Appell and Stephen Fearnley.[4] It became a subsidiary of Brown & Jackson plc (originally a construction firm which can be traced back to 1923) in March 1989.
After selling Poundstretcher to Philip Harris, founders Paul Appell and Stephen Fearnley acquired control of a failing retail business, United News Shops, which they managed to revitalise. In March 2008, United News Shops was sold to WHSmith.[5]
In 1995 Pepkor, South Africa's largest retailer, acquired a controlling stake in Brown & Jackson plc and refinanced it. Brown & Jackson expanded rapidly with What Everyone Wants and Your More Stores purchased in October 1997 and The Brunswick Warehouse in January 2000. During 2000 the group continued to expand organically, including its first overseas venture with the opening of 6 stores in Poland.[6]
During 2002 the group embarked on a major restructuring. The board undertook to dispose of the trading subsidiaries other than Poundstretcher Ltd and this disposal was completed on 27 September 2002. In 2003 the company undertook a rebrand of company name to Instore plc. Poundstretcher stores were gradually being rebranded to ...instore, however in 2006, a new chief executive concluded that the rebranding was not working, and from June 2009, new stores were opened as Poundstretcher after Instore plc was acquired by Aziz Tayub.[7] In September 2012, the group had 400 stores in the United Kingdom.[8] [9]
In May 2011, the company bought Alworths.[10] [11] On 6 February 2012, Poundstretcher acquired 20 stores from the UGO chain, after it was placed in administration. In April 2012, Poundstretcher opened a store at Madina Mall, Dubai, United Arab Emirates, the first outside the United Kingdom since the 2002 disposal of B&J Poland.[12] [13] [14] In September 2012, it was announced that out of the 20 stores that were acquired, 14 were to close, and the remaining 6 most profitable outlets would remain as part of the group.[15] [16] [17]
In 2018, after Poundworld was shut down, Poundstretcher began to open former stores under the Bargain Buys brand name, which was previously used by the former company. The trademark for Bargain Buys was claimed by Poundstretcher.[18]
In August 2018, Channel 4 broadcast Saving Poundstretcher which focused on former Poundworld owner Chris Edwards's attempts to revitalise the chain.[19] Edwards was dismissed from his role at the retailer by owner Aziz Tayub during the series, which attracted criticism from viewers.[20]
In June 2020, the retailer explored the possibility of a company voluntary arrangement due to financial difficulties.[21] It would achieve large profit increases in the following year.[22]
In September 2023, the retailer began looking at acquiring Wilko locations, following the chain's administration.[23] In December, Tristan Phillips, the former head of finance at Marks & Spencer, was promoted to be the retailer's chief executive.[24]
in April 2024, Aziz Tayub sold Poundstretcher to Fortress Investment Group.[25]