// Poundstretcher owner Aziz Tayb plans to list the value retailer this year, he tells BusinessLive
// Chief Executive Derek Lawlow, who joined us last August, left the company after less than a year
Poundstretcher chief executive Derek Lawlor has left the company after less than a year at the helm as owner Aziz Tayub eyed an IPO.
Lawlor, who was previously chief merchandising officer at Asda, joined the firm last August but left after a disagreement over the company’s future direction.
Tayub told BusinessLive, “He left because he wanted to make a lot of changes and we couldn’t agree to those changes. This is a company that cannot change dramatically, it needs constant change, so we agreed that he would leave. He’s officially leaving in mid-May because he’s on gardening vacation.
“We have some new people who will hopefully join us soon.”
Tayub said he wants to strengthen his management team, including hiring a new chairman.
The Poundstretcher owner also revealed he plans to take the company public within this year or next and hopes the firm is valued at between £250m and £300m.
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Rothschild was hired as an advisor to Poundstretcher.
Tayub believes a float will help fund the retailer’s expansion plans as it aims to open 50 new stores per year to capture a larger share of the discount grocery and housewares market.
“It will most likely happen this year if the market is right,” he told BusinessLive, adding that it will be “easier for us to do that this year than in previous years” since the company is just out of one CVA emerged. We believe it [the market] will improve.”
He added: “We got out of the CVA in October, we’re debt free, we’ve cleaned up a lot of deals and now have hardly any loss-making deals. We also have enough stock to cover any eventuality.”
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