Bargain chain with seven stores in Greater Manchester sold to US firm
manchestereveningnews.co.ukHigh 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.
New York based Fortress has entered an agreement to acquire all of Poundstretcher's 322 stores, in a move that follows the retirement of owner Aziz Tayub.
The self-made businessman had considered taking the enterprise public for an estimated £300 million but decided to sell the business instead.
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. READ MORE: Asda starts offering new free service in 232 stores that could become essential Starting in 1981, Poundstretcher, which is headquartered in Leicestershire, sells various products including food, toiletries, and garden essentials.
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