Poundstretcher has appointed former M&S Food head of finance Tristan Phillips as its new CEO.
Phillips first joined the Poundstretcher in 2022 as finance director. He has previously held senior financial positions at O2 and Groupon.
The appointment comes as former CEO Derek Lawlor, who was previously chief merchandising officer at Asda, left the business after less than a year in May.
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Speaking of the promotion, Phillips told Business Live: “I think that, versus someone coming in and thinking they’ve got to change everything tomorrow, I’ve had a good runway into what I need to do and had agreed all of that before I stepped into the CEO role.”
He added that due to already having “an exceptionally positive personal relationship and working relationship” with Poundstretcher owner Aziz Tayub, “we know how we work together and I know the things that are important to him – the things he doesn’t want to happen and the things he does”.
The appointment comes as Phillips said the company is “starting to grow again” after shrinking its estate to 324 stores at the end of last year.
In the year to 31 March 2022, sales for the discount retailer dropped 16% to £273m, while pre-tax profits plunged from £88m to £11.7m.
However, Phillips said Poundstretcher now plans to open “at least 20 new stores all over the country” by the end of the financial year in March.
