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Bargain retailer Poundstretcher sold to Fortress Investment Group

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Poundstretcher,Fortress Investment Group,Sale

Fortress Investment Group, based in New York, has acquired Poundstretcher, a discount chain with over 40 stores in Scotland and 322 stores across the UK. The sale follows the retirement of owner Poundstretcher Aziz Tayub after 18 years of trading. The value of the sale has not been disclosed.

Bargain retailer Poundstretcher has been sold in a massive deal that will affect over 40 stores in Scotland.

Self-made tycoon Mr Tayub, 69, previously suggested he wanted to float the business on the stock market for up to £300million, the Mirror reports. Two years later it added Punch Pubs Group, which has 1,241 pubs across the UK. Poundstretcher, headquartered in Leicestershire, was started in 1981 and sells everything from food and toiletries to garden essentials.Another ex-Morrisons bigwig, finance chief Trevor Strain, will also join the board.

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