Poundland has announced its acquisition of Fulton Foods, the Northern frozen food retailer, as the latest part of its transformation programme.
The company has been working with Fulton for the last 12 months on the development of its chilled and frozen food range, as well as growing its distribution network.
The discount retailer plans to invest in excess of £25m over the next five years on its chilled and frozen food operation and will convert the majority of Fulton stores into the Poundland format.
Fulton’s co-owners, Karen Rees and Kevin Gunter, will remain involved with the business, with Rees becoming managing director and Gunter staying on in an advisory capacity.
Rees said: ‘‘For the last 12 months we’ve been proud to partner with Poundland, but even prouder that today we become family.
‘‘We already know the Poundland customer loves our frozen and chilled foods offer – and we’re excited to know our people will be able to play a bigger part in Poundland’s transformation story.’’
Gunter said: ‘‘After leading the business for 24 years, I’m pleased we’ve been able to agree terms with Poundland who are committed to a renewed period of growth and investment. I’m looking forward to contributing in an advisory role over the next six months.’’
Barry Williams, Poundland MD, said: ‘‘We couldn’t have developed our chilled and frozen ranges without Fultons’ expertise and now is the right time to move to the next level and bring the team on board.
‘‘By combining our experience, we can accelerate our frozen and chilled rollout and bring the amazing value it offers to more of our customers across the UK.’’