According to Sky News, the review may include measures to close unprofitable outlets. Although half its 450 stores could be axed, such wholesale closures could make a business the size of Poundstretcher unsustainable. Sabir Tayub, 48, died after his … Poundstretcher sued over 'fake shampoo' as brand wars erupt. Poundstretcher to launch 50 new stores despite CVA proposals, Ann Summers outlines plans for stores as creditors approve CVA, LK Bennett to shut stores as creditors approve CVA, Asda owners to fund legal challenge against Caffè Nero, Debenhams launches closing down sale amid liquidation, Creditors green light Moss Bros CVA proposals, Lidl ad prices ruled as misleading, advertising watchdog says. |. Insurer Atradius, has reportedly reduced its cover on Poundland stock. The company’s turnover dipped to £387.4m compared with the previous year’s figure of £397.3m. But opting out of some of these cookies may affect your browsing experience. Foister stepped down from the company on October 23, after replacing Hemant Patel in July. Sky News understands that the company has engaged KPMG to … Poundstretcher now hopes that KPMG’s review of options will provide measures such as closing unprofitable stores, although it is uncertain whether Tayub is seeking to sell the business. Poundstretcher is reportedly in talks to close a quarter of its UK stores, in a restructuring plan that could place thousands of jobs at risk. Poundstretcher is considering closing up to a quarter of its stores following a review of its finances, according to reports. Poundstretcher has become the latest chain facing problems as even the discount retailers are hit by rising inflation and declining consumer … For great value and variety in Garden, Storage, Kitchen, Bedding, Furniture, and much more please visit one of our 400 stores also don’t forget to sign up for our exclusive offers! Following the end of the financial year, Poundstretcher announced plans to relocate its warehouse operations from Huddersfield to Leicestershire, consolidating its dispatch and transport operations into a single site in Desford. Poundstretcher finance director Jonathan Foister has stepped down from his role after just three months, leaving the value retailer in search for a replacement. Poundstretcher recently sought to open 50 new stores despite launching a store closure programme in an effort to cut costs. Necessary cookies are absolutely essential for the website to function properly. Coronavirus: Poundstretcher shops face closure as CVA looms. Poundstretcher is the latest retailer in trouble after Debenhams, New Look, Marks and Spencer and Mothercare as high street crisis continues The … The company’s turnover dipped to £387.4m compared with the previous year’s figure of £397.3m. You have entered an incorrect email address! Poundstretcher chief Richard Kirk to step down. Sky News understands that the company has engaged KPMG to … POUNDSTRETCHER could close 250 stores as part of restructuring plans putting 2,000 jobs at risk. Business News. The rest of the shops had continued to trade as an essential retailer as they supplied food […] Poundstretcher finance director Jonathan Foister has stepped down from his role after just three months, leaving the value retailer in search for a replacement. Sabir Tayub killed when his car careered off the M45 near Warwickshire Poundstretcher, the high street discounter, has become the latest retailer to kick off a review of its finances despite being one of the few non-food chains to continue trading during the UK lockdown. BREAKING NEWS: Son of the multi-millionaire owner of Poundstretcher chain is killed after his Mercedes crashed into a tree. Support us ... Poundstretcher. Poundstretcher sued over 'fake shampoo' as brand wars erupt. Poundstretcher directly employs in excess of 5500 people in its store network, Leicester warehouse and head office. The company is weighing up options to strengthen its balance sheet amid the ongoing coronavirus pandemic, the broadcaster stated. READ MORE: Poundstretcher to launch 50 new stores despite CVA proposals. Sources at Sky News said that under the CVA, ... Poundstretcher employs 5,500 people across its stores, head office and warehouses. Credit: SWNS:South West News Service ... a time when it was facing financial difficulty. Poundstretcher acquires latest high street store 20 Jun 2018 Midlands Discount retailer Poundstretcher has acquired a new store in a Nottinghamshire town. Company profile page for Poundstretcher Ltd including stock price, company news, press releases, executives, board members, and contact information Marylebone, London, W1G 0PG. Leicestershire-headquartered value retailer Poundstretcher is searching for its third finance boss of the year after its latest FD left the role after just three months. Poundstretcher, the main street discounter, has become the latest retailer to launch a financial review, although it is one of the few non-food chains to continue operating during the foreclosure in the UK. 949 were here. Save my name, email, and website in this browser for the next time I comment. Poundstretcher has suffered its third consecutive decline in sales and profits as the discount retailer struggles amid difficult trading conditions in the high street and rising costs. Patel was finance director of both Poundstretcher and parent company Crown Crest Group. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. 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. Sky News has learnt that Poundstretcher is weighing a company voluntary arrangement (CVA) that will urge shop-owners to cut rents at about 330 of its 450 stores across the UK. You also have the option to opt-out of these cookies. Poundstretcher has become the latest chain to face problems as the discount retailers are hit by rising inflation and declining consumer spending. Company profile page for Poundstretcher Ltd including stock price, company news, press releases, executives, board members, and contact information Poundstretcher could close nearly half its stores in six weeks’ time, with 2,000 jobs at risk, after landlords and other creditors approved a rescue restructure. It is mandatory to procure user consent prior to running these cookies on your website. The news comes as Poundstretcher creditors green light the retailer’s CVA proposal to help it offload underperforming outlets, realign its head office and pave the way for investment in its estate. Discount retailer Poundstretcher overall profits for the financial year ending 31 March 2018 fell to £1.7m compared with the previous year’s figure of £2.1m.. Its profit before tax dropped from £2.7m to £2.1m over the same period. Investors’ views on the big risks to markets in 2021, Earnings, value and EMs: the market trends for 2021 in charts, Stand ready for the big five technology convulsions reshaping markets, Retail trading boom spills over into fine wine market, The case for the 60/40 portfolio in equities and bonds, Brexit deal leaves much unchanged, institutionally, Vietnam prepares for supply chain shift from China, The perverse political effects of Covid-19, Donald Trump’s pardons must not obstruct justice, Diversity is critical for effective crisis leadership, A cheese shop becomes a refuge in a difficult year. In December Poundstretcher’s Leicester-based parent company Crown Crest Group confirmed pre-tax losses of £3.5m for the year to 31 March … Poundstretcher is the latest retailer in trouble after Debenhams, ... has warned earnings for this financial year would be “below current market expectations”. HIGH STREET discounter Poundstretcher will ‘close a quarter of stores’ following a review its finances by KPMG. Part of this is shopping at places like Poundstretcher (and even if you’re not on a strict budget, everyone loves a bargain!). The UK's original value store! ... Poundstretcher Ltd Add to myFT. A wealthy businessman and son of the multi-millionaire owner of budget chain Poundstretcher has been killed in a car crash. Commercial: 07401 241 979, UK: Four Cavendish Square, This website uses cookies to improve your experience while you navigate through the website. Poundstretcher could close over half its stores – more than 250 outlets affecting more than 2,000 jobs – as part of a planned rescue restructure.. Poundstretcher’s group finance director Hemant Patel has resigned after five years. These cookies do not store any personal information. 2020-09-15T15:57:00Z. Another major High Street name is reported to be in trouble with claims that discount retailer Poundstretcher is struggling. Landlords cry foul over ‘morally wrong’ Poundstretcher restructuring, Boots and Poundstretcher face legal action over unpaid rent, When pound shops are not even worth a quid, Convenience store Nisa-Today’s set to split, Bargain stores fill gap on UK high streets. POUNDSTRETCHER could close 250 stores as part of restructuring plans putting 2,000 jobs at risk. These sites will range from existing shop units to development sites in town centres and out-of-town retail parks. Budget retailer Poundland is under growing pressure from a scandal engulfing South African parent company Steinhoff. Credit insurers are tightening terms for suppliers to Poundstretcher, the struggling discount retail chain owned by two low-profile brothers based in Leicestershire.Euler Hermes, one of the leading Poundstretcher, the troubled discount store chain, has confirmed that it wants to open 50 new branches – even as dozens of others are closing. Sources at Sky News said that under the CVA, ... Poundstretcher employs 5,500 people across its stores, head office and warehouses. In the News. Anti-Slavery & Human Trafficking Statement Pt 1 /// Pt 2. This field is for validation purposes and should be left unchanged. As you know, if you are struggling with debts, then it’s a good idea to budget and try to make every pound go that little bit further. READ MORE: Poundstretcher to launch 50 new stores despite CVA proposals According to a poster produced by the business, it is on the look-out for dozens of … Gender Pay Gap Report 2017. It has already closed around 30 stores during the Covid-19 lockdown, in some cases permanently where leases have expired, reports said. Poundstretcher finance director Jonathan Foister has stepped down from his role after just three months, leaving the value retailer in search for a replacement. The chief executive of discount chain Poundstretcher is to stand down after just three months in the role. News Supermarkets puzzled over Poundstretcher selling their own-label products. For great value and variety in Garden, Storage, Kitchen, Bedding, Furniture, and much more please visit one of our 400 stores also don’t forget to sign up for our exclusive offers! Poundstretcher na Wikipedia, Google News e Yahoo Finance Poundstretcher na LinkedIn , Twitter e YouTube Poundstretcher possui 2.432 concorrentes concorrentes Amazon.com (Estados Unidos) , Alibaba Group (China) e Carrefour (França) . News, analysis and comment from the Financial Times, the worldʼs leading global business publication. Welcome to the corporate section of the Poundstretcher website. Poundstretcher could close over half its stores – more than 250 outlets affecting more than 2,000 jobs – as part of a planned rescue restructure. Gender Pay Gap Report 2018 Pt 1 /// Pt 2. The struggling retailer is grappling with landlords to lower rents after the coronavirus crisis put … 2019 vintage Burgundy report: the best year since 1865? This website uses cookies to improve your experience. Chris Edwards, the founder of Poundworld, has stepped down from his role at rival Poundstretcher after just six months.Edwards, 67, was parachuted into the discounter last October in a bid to revive Losses have been cut at the company behind discount national retailer Poundstretcher but turnover fell, newly filed accounts have revealed. The struggling retailer is grappling with landlords to lower rents after the … Products including Aldi and Co-op own-label soy sauce and Tesco and Morrisons toothpaste have turned up in Poundstretcher stores Business News. Poundstretcher on Wikipedia, Google News & Yahoo Finance Poundstretcher on LinkedIn , Twitter & YouTube Poundstretcher has 2,425 competitors including Amazon.com (United States (USA)) , Alibaba Group (China) and Vitamin Shoppe (United States (USA)) . In a letter to proprietors, which was picked up by the Financial Times, the company said it needed to take steps to protect customers and employees during the crisis, as the pandemic continues to impact customers’ willingness to shop. Poundstretcher did not to emails from Sky News seeking comment. Turnover surges at Poundstretcher parent but losses widen 1 Apr 2020 Midlands. So far, 50 stores have closed down since CVA proposals were approved in early July, either due to being on the list for closure or as a result of landlord was not negotiating to reduce the rents. These cookies will be stored in your browser only with your consent. The Financial Times and its journalism are subject to a self-regulation regime under the FT Editorial Code of Practice. The Environmental Protection (Plastic Straws, Cotton Buds and Stirrers) (England) Regulations 2020 Poundstrectcher is working with KPMG, which is processing a CVA for the firm, on the plans which included offering a £500 pay-out for successful tips on potential sites. Editorial: 0208 222 0503 The owner of the discount chain Poundstretcher is today expected to say that its main shareholder remains fully committed to the discount group, … The latest breaking news, comment and features from The Independent. The Huddersfield office was retained, with staff based their unaffected by the warehousing move. According to a poster produced by the business, it is on the look-out for dozens of new sites to open in 2021. Close drawer menu Financial Times. Poundstretcher has revealed falling turnover and profits for the full year, marking the third consecutive year sales have dropped. All the latest breaking news, headlines, analysis and articles on Poundstretcher from the Evening Standard The news comes as Poundstretcher creditors green light the retailer’s CVA proposal to help it offload underperforming outlets, realign its head office and pave the way for investment in its estate. The copyright for Bargain Buys was claimed by Poundstretcher. Poundstretcher is considering closing up to a quarter of its stores following a review of its finances, according to reports. Business-Live revealed earlier this month that the company was on the look-out for potential landlords and agents to support the plans to … In July 2020, Hemant Patel, chief of finance division Poundstretcher, has resigned after five years. He has been replaced at Poundstretcher by Jonathan Foister, according to new documents at Companies House. Discount retailer Poundstretcher overall profits for the financial year ending 31 March 2018 fell to £1.7m compared with the previous year’s figure of £2.1m.. Its profit before tax dropped from £2.7m to £2.1m over the same period. We also use third-party cookies that help us analyze and understand how you use this website. // Poundstretcher finance boss resigns after three months // Jonathan Foister stepped down from the company on October 23 // Poundstretcher recently sought to open 50 new stores despite launching CVA proposalsPoundstretcher finance director Jonathan Foister has stepped down from his role after just three months, leaving the value retailer in search for a replacement. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Poundstretcher future in doubt as accounts reveal slump in profits The accounts blame falling margins on “sales price pressure” and increasing overheads on factors such as wage inflation Doubts hang over Poundstretcher’s ability to continue as a going concern, the company has said in … How can I stop my bank from freezing my accounts? All rights reserved. The latest breaking news, comment and features from The Independent. Stop in one of our 450 locations today to find GREAT DEALS! The high street discounter is drawing up plans for a CVA that could be launched within days, Sky News learns. This category only includes cookies that ensures basic functionalities and security features of the website. Poundstretcher, the main street discounter, has become the latest retailer to launch a financial review, although it is one of the few non-food chains to continue operating during the foreclosure in the UK. All the latest breaking news, headlines, analysis and articles on Poundstretcher from the Evening Standard Turnover has grown to more than £400m at Poundstretcher during its latest financial year, but the West Yorkshire-headquartered discount retailer has slipped to a pre-tax loss, new accounts have revealed. Aziz Tayub is a Malawi born businessman who owns the discount chain Poundstretcher. Sky News understands that the company has hired KPMG to advise on options to strengthen its balance sheet. Poundstretcher, the troubled discount store chain, has confirmed that it wants to open 50 new branches – even as dozens of others are closing. UK high street retailer Poundstretcher has hired KPMG to help launch a review of its finances, Sky News reported. Although half its 450 stores could be axed, such wholesale closures could make a business size... And security features of the website essential for the website the best year since 1865 browser for full... 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