Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
Poundtsretcher is reportedly eyeing a floatation on the stock market, The Mail On Sunday has reported.
According to City sources, the discount retailer has hired advisers to explore a potential listing after the business welcomed strong sales during the pandemic.
The Mail said it was “not yet clear” if the group would float on the main market of the London Stock Exchange or its junior market, AIM, however.
Earlier this year, the group said it was planning to open an additional 50 stores across the UK. At the start of the year it was operating from around 350 branches, having opened a further 30 in 2021.
Last year, it named Derek Lawlor as its new CEO, saying he joined the group at an “exciting time for the business”, which completed its CVA obligations and worked with a CVA supervisor to “conclude the formalities and allow us to have our full focus on growing the business”.
News of a CVA was first reported in June 2020, when the group launched a CVA in a bid to seek rent cuts from its landlords.
According to Sky News, the discount retailer initiated a “radical” restructuring programme that sought to cut rents at around 330 of its 450 stores across the UK.
In turn, leases were renegotiated, 90 loss-making stores closed, and between 200 and 250 redundancies took place, lowering the company’s cost base and returning its profitability.
Poundstretcher declined to comment.
