Majestic Wines owner Fortress acquires Poundstretcher

Poundstretcher has been acquired by Fortress, owner of Majestic Wines, after owner Aziz Tayub retired.

As part of the transaction former Morrisons group commercial director Andy Atkinson has been appointed as the company’s CEO and Tristan Phillips will resume his role as CFO.

Furthermore, Trevor Strain, former Morrisons operating and finance boss, will join the board in a non-executive capacity.

Ahsan Aijaz, Fortress managing director and co-head of private equity, 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.”

Tayub added: “I am very pleased that the Fortress team will be providing the resources and investment needed to take Poundstretcher to its next stage of growth following my retirement.

“Fortress is 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.”

Poundstretcher is not the first retailer in Fortress’ portfolio after it acquired Majestic Wine in 2019 for £95m.