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![\"Poundstretcher\"](\"https:\/\/www.retailgazette.co.uk\/wp-content\/uploads\/2021\/12\/Poundstretcher_sign_shopfront_discount-retail_ST-1-1-1-1-1.jpg\" "\\"Poundstretcher")
<\/div>\n\/\/<\/span> Poundstretcher owner Aziz Tayb wants to float the value retailer this year, he tells BusinessLive<\/h6>\n\/\/ <\/span>Chief executive Derek Lawlow who joined last August exited after less than a year<\/h6>\nPoundstretcher chief executive Derek Lawlor has left the business after less than a year at the helm, as owner Aziz Tayub eyes an IPO.<\/p>\n
Lawlor, who was previously chief merchandising officer at Asda, joined the firm last August but left after a difference of opinion over the future direction of the business.<\/p>\n
Tayub told BusinessLive: \u201cHe left because he wanted to make a lot of changes, and we couldn\u2019t agree with those changes. This is a company that can\u2019t change dramatically, it needs steady changes, so we agreed that he would leave. He officially leaves mid-May because he is on gardening leave.<\/p>\n
\u201cWe have got some new people hopefully joining us soon.\u201d<\/p>\n
Tayub said he is looking to bolster its management team, including hiring a new chair.<\/p>\n
The Poundstretcher owner also revealed he is planning to float the business this year or next and hopes the firm is valued at between \u00a3250-\u00a3300 million.<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/h5>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span><\/p>\nRothschild has been hired as Poundstretcher\u2019s advisers.<\/p>\n
Tayub believes a float will help finance the retailer\u2019s store expansion plans as it looks to open 50 new shops a year to take a bigger share of the discount food and homewares market.<\/p>\n
\u201cIt will happen when the market is right more than likely this year,\u201d he told BusinessLive, adding that as the business has just come out of a CVA, it will be \u201ceasier for us to do it this year than in previous years. We believe it [the market] will improve.\u201d<\/p>\n
He added: \u201cWe came out of the CVA in October, we are debt-free, we\u2019ve tidied up a lot of stores and have hardly any loss-making stores now. We also have plenty of stock to cover any eventualities.\u201d<\/p>\n
Poundstretcher chief executive Derek Lawlor has left the business after less than a year at the helm, as owner Aziz Tayub eyes an IPO.<\/p>\n
Lawlor, who was previously chief merchandising officer at Asda, joined the firm last August but left after a difference of opinion over the future direction of the business.<\/p>\n
Tayub told BusinessLive: \u201cHe left because he wanted to make a lot of changes, and we couldn\u2019t agree with those changes. This is a company that can\u2019t change dramatically, it needs steady changes, so we agreed that he would leave. He officially leaves mid-May because he is on gardening leave.<\/p>\n
\u201cWe have got some new people hopefully joining us soon.\u201d<\/p>\n
Tayub said he is looking to bolster its management team, including hiring a new chair.<\/p>\n
The Poundstretcher owner also revealed he is planning to float the business this year or next and hopes the firm is valued at between \u00a3250-\u00a3300 million.<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/h5>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span><\/p>\nRothschild has been hired as Poundstretcher\u2019s advisers.<\/p>\n
Tayub believes a float will help finance the retailer\u2019s store expansion plans as it looks to open 50 new shops a year to take a bigger share of the discount food and homewares market.<\/p>\n
\u201cIt will happen when the market is right more than likely this year,\u201d he told BusinessLive, adding that as the business has just come out of a CVA, it will be \u201ceasier for us to do it this year than in previous years. We believe it [the market] will improve.\u201d<\/p>\n
He added: \u201cWe came out of the CVA in October, we are debt-free, we\u2019ve tidied up a lot of stores and have hardly any loss-making stores now. We also have plenty of stock to cover any eventualities.\u201d<\/p>\n
Rothschild has been hired as Poundstretcher\u2019s advisers.<\/p>\n
Tayub believes a float will help finance the retailer\u2019s store expansion plans as it looks to open 50 new shops a year to take a bigger share of the discount food and homewares market.<\/p>\n
\u201cIt will happen when the market is right more than likely this year,\u201d he told BusinessLive, adding that as the business has just come out of a CVA, it will be \u201ceasier for us to do it this year than in previous years. We believe it [the market] will improve.\u201d<\/p>\n
He added: \u201cWe came out of the CVA in October, we are debt-free, we\u2019ve tidied up a lot of stores and have hardly any loss-making stores now. We also have plenty of stock to cover any eventualities.\u201d<\/p>\n