There are five Poundstretcher stores across Greater Manchester
High street bargain retailer Poundstretcher, which has over 300 UK stores, has been sold to a US investment fund. The stores' new owner, Fortress Investment Group, previously bought out Majestic Wines and now also owns the bargain retailer, which has seven stores in Greater Manchester.
The exact value of the sale to Fortress was undisclosed. The company took over Majestic Wines in 2019 and subsequently acquired Punch Pubs Group, which owns 1,241 pubs across the UK two years later, reports the Mirror.Starting in 1981, Poundstretcher, which is headquartered in Leicestershire, sells various products including food, toiletries, and garden essentials.
Andy Atkinson, the former commercial director of Morrisons, will become Poundstretcher's chief executive. Moreover, another ex-Morrisons employee, finance chief Trevor Strain, will also join the board. "Fortress are well placed to work with the fantastic Poundstretcher team, who I'd like to thank for their hard work and dedication during the 18 years that we've grown the business together, and I look forward to watching and cheering their shared success in the years ahead."
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