Editing Poundstretcher

{{Short description|British discount store chain}}
{{Use dmy dates|date=January 2025}}
{{Use British English|date=January 2025}}
{{Infobox company
| name = Poundstretcher Limited
| logo = Poundstretcher logo.svg
| logo_size = 
| logo_caption = Logo used since 2024
| type = [[Private limited company|Private]] ([[Subsidiary]])
| foundation = {{start date and age|1981}}
| founders = Paul Appell<br />Stephen Fearnley
| key_people = Andy Atkinson (CEO)<br>Tristan Phillips (CFO)
| location = {{nowrap|[[Kirby Muxloe]], [[Leicestershire]]}}
| locations = 324 (as of March 2023)
| industry = [[Retailer|Retail]]
| owner    = [[Fortress Investment Group]]
| subsid = [[Bargain Buys]]
| products = {{ubl|[[Grocery store|Groceries]]|[[Consumer goods]]|Garden and leisure|Pet supplies|Stationery|Toiletries|[[DIY]]}}
| homepage = {{URL|https://poundstretcher.co.uk}}
}}
[[File:Poundstretcher, Kentish Town Road, in 2009.jpg|thumb|Poundstretcher in [[Kentish Town]], London, showing a blue shopfront with a different logo]]
[[File:Pound store, St Davids Retail Park, High Street, Saltney, Flintshire - DSC08075.JPG|thumb|An example of a location operating a larger format in 2010 as 'Poundstretcher Extra'. This format would later be replaced by the [[Bargain Buys]] brand.]]

'''Poundstretcher Limited''' is a British [[variety store]] chain, founded in 1981 by Paul Appell and Stephen Fearnley. The retailer is currently based in [[Kirby Muxloe]], [[Leicestershire]], and since April 2024 has been a subsidiary of the [[Fortress Investment Group]].<ref>{{cite web|url=https://www.leicestermercury.co.uk/news/business/poundstretcher-planning-scores-jobs-leicestershire-2693297|title=Poundstretcher planning scores of jobs at Leicestershire base|last=Pegden|first=Tom|date=27 March 2019|website=leicestermercury|access-date=17 October 2019}}</ref><ref>{{cite web |last=Morgan |first=Aoife |date=11 April 2024 |title=Poundstretcher sold to Majestic Wine owner Fortress as ex-Morrisons exec named CEO – Retail Gazette |url=https://www.retailgazette.co.uk/blog/2024/04/poundstretcher-fortress/ |access-date=11 April 2024 }}</ref>

As of March 2023, the retailer has 324 locations and employs around 4,000 people, with 61 of its locations trading as [[Bargain Buys]].<ref>{{cite web |date=8 January 2024 |title=Profit and turnover falls at Poundstretcher – but firm remains optimistic for brighter future {{!}} TheBusinessDesk.com |url=https://www.thebusinessdesk.com/eastmidlands/news/2080675-profit-and-turnover-falls-at-poundstretcher-but-firm-remains-optimistic-for-brighter-future |access-date=9 March 2024 |website=East Midlands }}</ref>

==History==
Poundstretcher was established in 1981 by Paul Appell and Stephen Fearnley.<ref>{{cite web | url=https://www.wholesalescout.co.uk/success-stories/success-stories-poundstretcher/ | title=Success Stories: Poundstretcher &#124; Wholesale Scout | date=24 February 2014 }}</ref> It became a subsidiary of Brown & Jackson plc (originally a construction firm which can be traced back to 1923) in March 1989.

After selling Poundstretcher to [[Philip Harris, Baron Harris of Peckham|Philip Harris]], founders Paul Appell and Stephen Fearnley acquired control of a failing retail business, ''[[United News Shops]]'', which they managed to revitalise. In March 2008, ''United News Shops'' was sold to [[WHSmith]].<ref>[https://www.insidermedia.com/insider/yorkshire/43425-fearnley-secures-primeur-stake-3m-deal Fearnley secures Primeur stake on £3m deal]</ref>

In 1995 [[Pepkor]], South Africa's largest retailer, acquired a controlling stake in Brown & Jackson plc and refinanced it.  Brown & Jackson expanded rapidly with What Everyone Wants and Your More Stores purchased in October 1997 and The Brunswick Warehouse in January 2000.  During 2000 the group continued to expand organically, including its first overseas venture with the opening of 6 stores in Poland.<ref>{{cite web |url=http://ww7.investorrelations.co.uk/brownjackson/index.html |title=Internet Wayback Machine |access-date=13 October 2004 |archive-url=https://web.archive.org/web/20041013174607/http://ww7.investorrelations.co.uk/brownjackson/index.html |archive-date=13 October 2004 |url-status=dead }}</ref>

During 2002 the group embarked on a major restructuring. The board undertook to dispose of the trading subsidiaries other than Poundstretcher Ltd and this disposal was completed on 27 September 2002.  In 2003 the company undertook a rebrand of company name to [[...instore|Instore plc]]. Poundstretcher stores were gradually being rebranded to ...instore, however in 2006, a new chief executive concluded that the rebranding was not working, and from June 2009, new stores were opened as Poundstretcher after Instore plc was acquired by Aziz Tayub.<ref>{{cite news|title=Instore goes back to its roots with return of Poundstretcher brand|url=http://www.yorkshirepost.co.uk/business/business-news/instore-goes-back-to-its-roots-with-return-of-poundstretcher-brand-1-2357362|newspaper=Yorkshire Post|access-date=10 September 2014|date=30 June 2009}}</ref> In September 2012, the group had 400 stores in the United Kingdom.<ref name=aboutus>{{cite web|title=Poundstretcher – About Us|url=http://www.poundstretcher.co.uk/about-us|access-date=10 September 2014}}</ref><ref name=400stores>{{cite web|last1=Zientek|first1=Henryk|title=Huddersfield-based Poundstretcher to open more stores|url=http://www.examiner.co.uk/news/west-yorkshire-news/huddersfield-based-poundstretcher-open-more-stores-6356649|publisher=The Huddersfield Daily Examiner|access-date=10 September 2014|date=1 December 2013}}</ref>

In May 2011, the company bought [[Alworths]].<ref>{{cite web|last1=Harrison|first1=Nicola|title=Poundstretcher snaps up Alworths stores|url=http://www.retail-week.com/property/poundstretcher-snaps-up-alworths-stores/5025063.article|access-date=10 September 2014|date=6 May 2011}}</ref><ref>{{cite web|title=Poundstretcher steps in to take over Alworths stores|url=http://www.thecourier.co.uk/business/news/poundstretcher-steps-in-to-take-over-alworths-stores-1.42770|publisher=The Courier|access-date=10 September 2014|date=6 May 2011}}</ref> On 6 February 2012, Poundstretcher acquired 20 stores from the [[Ugo (store)|UGO]] chain, after it was placed in administration. In April 2012, Poundstretcher opened a store at Madina Mall, [[Dubai]], [[United Arab Emirates]], the first outside the United Kingdom since the 2002 disposal of B&J Poland.<ref>{{cite web |last1=Holland |first1=Tiffany |date=31 May 2012 |title=Poundstretcher's Dubai store opens |url=http://www.retail-week.com/property/poundstretchers-dubai-store-opens/5037279.article |access-date=10 September 2014 |publisher=RetailWeek}}</ref><ref>{{cite web |date=16 April 2012 |title=Poundstretcher to open in Dubai |url=https://www.telegraph.co.uk/news/worldnews/middleeast/dubai/9206660/Poundstretcher-to-open-in-Dubai.html |access-date=10 September 2014 |publisher=The Telegraph}}</ref><ref>{{cite web |last1=Tahir |first1=Tariq |date=16 April 2012 |title=Poundstretcher to open first shop in Dubai |url=http://metro.co.uk/2012/04/16/poundstretcher-to-open-first-shop-in-dubai-390540/ |access-date=10 September 2014 |publisher=Metro}}</ref> In September 2012, it was announced that out of the 20 stores that were acquired, 14 were to close, and the remaining 6 most profitable outlets would remain as part of the group.<ref>{{cite web|last1=Brooks|first1=Beth|title=Poundstretcher snaps up troubled Ugo chain from administration|url=http://www.thegrocer.co.uk/channels/discounters/poundstretcher-snaps-up-troubled-ugo-chain-from-administration/226038.article|publisher=The Grocer|access-date=10 September 2014|date=11 February 2012}}</ref><ref>{{cite web|title=Poundstretcher pounces to snap up 18 Ugo stores|url=http://www.retail-week.com/sectors/general-merchandise/poundstretcher-pounces-to-snap-up-18-ugo-stores/5033489.article|publisher=RetailWeek|access-date=10 September 2014|date=9 February 2012}}</ref><ref>{{cite web|last1=Whiteaker|first1=Jon|title=UGO sold to Poundstretcher in pre-pack deal|url=http://www.retailgazette.co.uk/articles/22311-ugo-sold-to-poundstretcher-in-prepack-deal|publisher=Retail Gazette|access-date=10 September 2014|date=9 February 2012}}</ref>

In 2018, after [[Poundworld]] was shut down, Poundstretcher began to open former stores under the [[Bargain Buys]] brand name, which was previously used by the former company. The trademark for Bargain Buys was claimed by Poundstretcher.<ref>{{cite web|url=https://www.thegrocer.co.uk/discounters/poundstretcher-wins-trademark-battle-for-bargain-buys-name/591667.article|title=Poundstretcher wins trademark battle for 'Bargain Buys' name|last=Farrell|date=25 March 2019|first=Steve|website=The Grocer|access-date=17 October 2019}}</ref>

In August 2018, [[Channel 4]] broadcast ''Saving Poundstretcher'' which focused on former [[Poundworld]] owner Chris Edwards's attempts to revitalise the chain.<ref>[https://web.archive.org/web/20180822014930/https://www.channel4.com/programmes/saving-poundstretcher Saving Poundstretcher – All 4]</ref> Edwards was dismissed from his role at the retailer by owner Aziz Tayub during the series, which attracted criticism from viewers.<ref>{{cite web |last=Farrell |first=Steve |date=10 August 2018 |title=What Chris Edwards found at Poundstretcher |url=https://www.thegrocer.co.uk/critical-eye/what-chris-edwards-found-at-poundstretcher/570409.article |access-date=9 March 2024 |website=The Grocer }}</ref>

In June 2020, the retailer explored the possibility of a [[company voluntary arrangement]] due to financial difficulties.<ref>{{cite news |last=Butler |first=Sarah |date=16 June 2020 |title=Poundstretcher could close 250 UK stores |url=https://www.theguardian.com/business/2020/jun/16/poundstretcher-could-close-250-uk-stores |access-date=9 March 2024 |work=The Guardian |issn=0261-3077}}</ref> It would achieve large profit increases in the following year.<ref>{{cite web |last=Nazir |first=Sahar |date=9 September 2021 |title=Poundstretcher posts £80m profits after redundancies – Retail Gazette |url=https://www.retailgazette.co.uk/blog/2021/09/poundstretcher-posts-80m-profits-after-redundancies/ |access-date=9 March 2024 }}</ref>

In September 2023, the retailer began looking at acquiring [[Wilko]] locations, following the chain's administration.<ref>{{cite web |last=Robinson |first=Megan |date=26 September 2023 |title=Exclusive: PureGym and Poundstretcher eye former Wilko stores |url=https://www.retail-week.com/stores/exclusive-puregym-and-poundstretcher-eye-former-wilko-stores/7044660.article |access-date=9 March 2024 |website=Retail Week}}</ref> In December, Tristan Phillips, the former head of finance at [[Marks & Spencer]], was promoted to be the retailer's chief executive.<ref>{{cite web |last=Morgan |first=Aoife |date=6 December 2023 |title=Poundstretcher promotes ex-M&S Food finance boss to CEO – Retail Gazette |url=https://www.retailgazette.co.uk/blog/2023/12/poundstretcher-new-ceo/ |access-date=9 March 2024 }}</ref>

in April 2024, Aziz Tayub sold Poundstretcher to [[Fortress Investment Group]].<ref>{{cite web |last=Morgan |first=Aoife |date=11 April 2024 |title=Poundstretcher sold to Majestic Wine owner Fortress as ex-Morrisons exec named CEO – Retail Gazette |url=https://www.retailgazette.co.uk/blog/2024/04/poundstretcher-fortress/ |access-date=11 April 2024 }}</ref>

==See also==
*[[Bargain Buys]]
*[[B&M]]
*[[Home Bargains]]

==References==
{{reflist|30em}}

== External links==
{{Commons category-inline|Poundstretcher}}
* [https://www.poundstretcher.co.uk Poundstretcher website]

{{UK supermarkets}}
{{varietyStores}}

[[Category:1981 establishments in the United Kingdom]]
[[Category:Retail companies established in 1981]]
[[Category:Companies based in Huddersfield]]
[[Category:Discount shops of the United Kingdom]]
[[Category:Retail companies of the United Kingdom]]
[[Category:Variety stores]]
[[Category:2024 mergers and acquisitions]]