Poundstretcher
TypePrivate (Subsidiary)
IndustryRetail
Founded1981 (1981)
FoundersPaul Appell
Stephen Fearnley
HeadquartersKirby Muxloe, England, United Kingdom
Number of locations
350[1][2]
Key people
Aziz Tayub
Rashid Tayub
Products
ParentCrown Crest Group
SubsidiariesBargain Buys
Poundstretcher Extra
Websitepoundstretcher.co.uk
A former Poundstretcher Extra location
A Poundstretcher location bearing a briefly-used logo

Poundstretcher (previously styled as £-stretcher and also previously known as ...instore) is a chain of discount stores operating in the United Kingdom. It is based in Kirby Muxloe, England.[3]

History

Poundstretcher was established in 1981 by Paul Appell and Stephen Fearnley.[4] It became a subsidiary of Brown & Jackson plc (originally a construction firm which can be traced back to 1923) in March 1989.

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.[5]

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 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 the Crown Crest Group.[6] In September 2012, the group had 400 stores in the United Kingdom.[1][2]

In May 2011, the company bought Alworths.[7][8] On 6 February 2012, Poundstretcher acquired 20 stores from the UGO chain, after it was placed in administration. 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.[9][10][11]

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.[12]

In-house brands

  • BeautySave
  • Life From Coloroll
  • The Pet Hut
  • TeliToy

Ownership

After selling Poundstretcher to Philip Harris, founders Paul Appell and Stephen Fearnley acquired control of a failing retail business, United News Shops, which they managed to revitalise. It is now the largest convenience store and cafeteria business servicing British hospitals. In March 2008, United News Shops was sold to WHSmith.[13]

The Poundstretcher Group is now owned by Crown Crest Group, which is run by brothers Rashid & Aziz Tayub.

Outside the United Kingdom

In April 2012, Poundstretcher opened its first store outside United Kingdom, at Madina Mall, Dubai, United Arab Emirates.[14][15][16]

Saving Poundstretcher

In August 2018, Channel 4 broadcast Saving Poundstretcher which focused on former Poundworld owner Chris Edwards's attempts to revitalise the chain.[17]

See also

References

  1. 1 2 "Poundstretcher - About Us". Retrieved 10 September 2014.
  2. 1 2 Zientek, Henryk (1 December 2013). "Huddersfield-based Poundstretcher to open more stores". The Huddersfield Daily Examiner. Retrieved 10 September 2014.
  3. ↑ Pegden, Tom (27 March 2019). "Poundstretcher planning scores of jobs at Leicestershire base". leicestermercury. Retrieved 17 October 2019.
  4. ↑ "Success Stories: Poundstretcher | Wholesale Scout".
  5. ↑ "Internet Wayback Machine". Archived from the original on 13 October 2004. Retrieved 13 October 2004.
  6. ↑ "Instore goes back to its roots with return of Poundstretcher brand". Yorkshire Post. 30 June 2009. Retrieved 10 September 2014.
  7. ↑ Harrison, Nicola (6 May 2011). "Poundstretcher snaps up Alworths stores". Retrieved 10 September 2014.
  8. ↑ "Poundstretcher steps in to take over Alworths stores". The Courier. 6 May 2011. Retrieved 10 September 2014.
  9. ↑ Brooks, Beth (11 February 2012). "Poundstretcher snaps up troubled Ugo chain from administration". The Grocer. Retrieved 10 September 2014.
  10. ↑ "Poundstretcher pounces to snap up 18 Ugo stores". RetailWeek. 9 February 2012. Retrieved 10 September 2014.
  11. ↑ Whiteaker, Jon (9 February 2012). "UGO sold to Poundstretcher in pre-pack deal". Retail Gazette. Retrieved 10 September 2014.
  12. ↑ Farrell, Steve (25 March 2019). "Poundstretcher wins trademark battle for 'Bargain Buys' name". The Grocer. Retrieved 17 October 2019.
  13. ↑ Fearnley secures Primeur stake on £3m deal
  14. ↑ Holland, Tiffany (31 May 2012). "Poundstretcher's Dubai store opens". RetailWeek. Retrieved 10 September 2014.
  15. ↑ "Poundstretcher to open in Dubai". The Telegraph. 16 April 2012. Retrieved 10 September 2014.
  16. ↑ Tahir, Tariq (16 April 2012). "Poundstretcher to open first shop in Dubai". Metro. Retrieved 10 September 2014.
  17. ↑ Saving Poundstretcher - All 4
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