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Business News

Poundstretcher owner to explore sale in wake of ‘hugely successful’ restructuring

today13/01/2022

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The owner of one of Britain’s biggest discount retailers is to begin exploring a possible sale of the business 18 months after he struck a “hugely successful” rescue deal.

Sky News understands that Poundstretcher’s controlling shareholder, Aziz Tayub, has retained bankers at Rothschild to examine plans that could involve bringing in new investors.

City sources said a timetable for any process had yet to be decided, and cautioned that any transaction could be some way off or may not happen at all.

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Retail body frets over ‘accelerating’ inflationary pressures

Poundstretcher, which trades from hundreds of stores under its own brand and as Bargain Buys, launched a company voluntary arrangement (CVA) in the summer of 2020 to reset its cost base.

The restructuring involved a number of shop closures, and steep rent reductions at a large number of other stores.

In its accounts for the year ended March 31, 2020, the company said the implementation of the CVA meant it was “trading every week at a profit and adding to cash reserves”.

“The CVA has been hugely successful,” it added.

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Poundstretcher competes with the likes of Poundland and B&M Bargains, the latter of which is listed on the London Stock Exchange.

The Leicestershire-based company employs thousands of staff across it store network.

Poundstretcher did not respond to an emailed request for comment, while Rothschild declined to comment.

 Sky News

© Sky News 2021

Written by: Rother Radio News


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today13/01/2022