Poundstretcher store staff to receive 10% pay rise from April

Around 4,000 Poundstretcher store staff will be receiving a 10% pay increase from 1 April 2023.

All employees with over one year’s service will be eligible for the rise, which covers over 70% of the store’s workforce – meaning the majority of customer-facing staff will be eligible.

The British discount retailer is now looking towards a profitable future which will drive growth in sales, profits and number of stores, which should generate over 2,000 jobs over the next five years.

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Poundstretcher gives customers access to over 2,000 products, including big brands, at the lowest prices on the market.

The leading value store opened over 30 stores nationwide in 2022, with plans to open another 50 by the end of 2023.

Last year the company implemented a 10% increase on salaries to reward employees for their hard work post pandemic, and for the positive turnaround of the company’s profits post successful Company Voluntary Arrangement (CVA).

“This 10% pay raise will make a real difference in this current climate to the majority of our employees who are committed to servicing our customers and growing our business in the current economic climate,” owner of Poundstretcher, Aziz Tayub said.

He added: “This will be the second year in a row we will have introduced a second pay rise in the same year for our store colleagues.

“We wanted to do more to support them and to say thank you for their commitment to quality service and customer care”.

Last year, Poundstretcher boss Aziz Tayub claimed that prices are “cheaper than 100% of the discount sector” as shoppers increasingly turn to value retailers such as Home Bargains, B&M or Poundland.

Additionally, Asda executive Derek Lawlor was announced as Poundstretcher’s new CEO last summer, leaving the Big 4 grocer after seven years.