Poundstretcher news

27 July 2021
Variety discounter Poundstretcher has closed 75 of its stores since its 2020 CVA agreement was announced, according to The Grocer. Closure of 20% of stores The CVA agreement indicated that Poundstretcher may be forced to close half of its stores from its total of 437. Poundstretcher entered into a CVA agreement due to continuous poor performance and it not achieving profitability. T...
23 July 2020
Key UK grocery appointments and departures including a new Groceries Code Adjudicator, and senior leaders at Tesco, Deliveroo and Poundstretcher. New Groceries Code Adjudicator appointed Mark White has been appointed to take over the role from Christine Tacon after she steps down from the role later this year. Tacon's tenure has been extended for up to six months to provide continuity; Whit...
07 July 2020
Variety discounter Poundstretcher has had its proposed CVA approved by creditors, according to Nam News. Rent reductions The new agreement means; The leases on 94 stores will remain at their current rates Rents will be reduced between 30% and 40% for 84 stores, for a period of three years Rents will be paid in full for a period of six weeks for 253 stores Potential store cl...
15 June 2020
Variety discounter Poundstretcher has undertaken a review of its finances which reveals it may need to close half of its stores, according to The Grocer. Store closures and potential CVA agreement Poundstretcher has already closed 30 stores since lockdown began, mainly as a result of expiring leases. This brings its estate to 420 stores. The retailer has reportedly drawn up plans for a C...
09 April 2020
Variety discounter Poundstretcher has reported mixed results to Companies House, for its FY18/19 (12 months to 31 March 2019). The retailer saw a large growth in turnover, however also a loss in pre-tax profits. Mixed results Turnover £434.6m (FY17/18 £387.4m) Turnover +12.2% Pre-tax loss of £227,342 (FY17/18 profit £2.07m) Profit -111% Increasing overheads The retailer ...
13 November 2019
Burcu Kerpicci has been appointed as the new COO at Poundstretcher, according to The Grocer. Burcu Kerpicci Burcu Kerpicci previously worked for Tesco for 13 years in a variety of roles, such as director of supply chain, director of operations support office and human resources manager for retail operations. Most recently she worked as a coach for training company Adler in Istanbul, between...
11 September 2019
After 12 months of working as CEO at Poundstretcher, Somnath Saha has left the retailer, according to press reports. The detail Poundstretcher told The Grocer that; "Somnath is pursuing new career opportunities and very much enjoyed his time at Poundstretcher, contributing to the rapid expansion in sales." Somnath was appointed in November 2018. He was previously chief executive ay Ty...
06 June 2019
Variety discounter Poundstretcher has created a new marketing team entirely dedicated to social media, according to The Grocer. We look at what it's doing online to engage with shoppers. New Team Previously Poundstretcher has outsourced its social media work but marketing manager Michael Jenkins and three assistants will form the new in-house team. New content The team will be creatin...
11 December 2018
Variety discounter Poundstretcher has revealed its annual results for the year ending 31 March 2018. Sales drop 2.5% YoY In 2017/18 Poundstretcher generated sales of £387.4m, down 2.5% on the previous year, equating to almost £10m. Profit before tax came in just over £2m, down 24.2% year on year. In its annual report filed with Companies House, Poundstretcher has attributed its performance ...