Poundstretcher has named former Morrisons group commercial director Andy Atkinson as its new chief executive following its acquisition by Majestic Wine owner, Fortress Investment Group.
As part of the change in management, former M&S Food head of finance Tristan Phillips, who was appointed CEO of Poundstretcher in December having first joined the discount chain in 2022 as finance director, will resume his role as chief financial officer.
Former Morrisons operating and finance boss Trevor Strain will also join the board in a non-executive capacity.
Speaking of the new role, Atkinson said: “Poundstretcher is an exciting business with huge potential, in a large, growing and resilient sector.
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“We are committed to being long term stewards of the business, investing to grow Poundstretcher and build on the great work established by Aziz and his team.”
It comes as the retailer, which has more than 322 UK stores nationwide, has been bought by private equity firm Fortress Investment Group as outgoing owner Aziz Tayub announced his retirement.
The discounter adds to Fortress’ existing UK investment portfolio, including specialist wine retailer Majestic Wine.
Fortress Investment Group managing director and co-head of private equity Ahsan Aijaz said: “Poundstretcher is an exciting business in a critical part of the UK retail sector, and we recognise its importance to consumers across the country. We have long believed in the UK, and the consumer sector, as evidenced by our investments.
“We have a demonstrated history of investing in sponsored companies to drive growth, increase profitability and job creation—our plans for Poundstretcher are no different. Fortress believes in empowering management teams to deliver their strategy and we look forward to working with the team to invest in and grow Poundstretcher.”
2 Comments. Leave new
Final nail in the coffin then.
The final nail in the coffin then.