Major budget chain reveals plans to open 50 new stores this year

A POPULAR high street chain has announced plans to open 50 new stores.

Poundstretcher revealed plans to bring the new shops to the high street before the end of the year.


Poundstretcher is set to open 50 new shops in 2023Credit: Alamy

One of the new shops has already opened in Scotland just last week.

The new location in Galashiels opened its doors on January 28 and launched with 50% off sale on selected lines.

Poundstretcher could not share the full list of locations set to open, but we will update this story when we know more.

It is anticipated that the new shops will generate 2,000 jobs over the next five years.

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The discount chain opened 30 locations in 2022 and has 350 shops nationwide.

It comes as Poundstretcher has also announced it will be giving staff a 10% pay rise this year too.

The increase applies to anyone who has worked there more than a year or around 70% of the staff.

Aziz Tayub, owner of the chain, said: “This 10% pay raise will make a real difference in this current climate to the majority of our employees who are committed to serving our customers and growing our business in the current economic climate.

“This will be the second year in a row we will have introduced a second pay rise in the same year for our store colleagues.

“We wanted to do more to support them and to say thank you for their commitment to quality service and customer care.”

In November 2022, Poundstretcher announced they had exited a two-year CVA (Compulsory Voluntary Arrangement) after repaying creditors at a rate of 12p to the pound.

The chain brought in the legal arrangement back in July 2020 to find a way of offloading high-rent stores and has now paid off around £13 million of what it owed.

The news comes as dozens of high street brands have faced chaos over the past few months.

Most recently, stationery chain Paperchase collapsed into administration.

The Sun then revealed yesterday that administrators were planning to liquidate the business, closing all of the 106 stores and putting 1,000 jobs at risk.

Stores could disappear off the high street within weeks but the process could take up to two months.

We also announced yesterday that pub giant Stonegate, which is behind brands such as Slug and Lettuce and Be At One, is looking to sell off pubs to pay down its debt pile, according to Bloomberg.

It comes after Wetherspoons announced that a further eight of its pubs have been sold, on top of the three that The Sun had previously reported.

Fashion retailer H&M has closed branches in recent months, with more to follow this year.

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H&M confirmed to The Sun that two branches in Hartlepool and Isle of Wight are set to close.

For the full list of shops, pubs and banks closing this year see our story.

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