US firm Fortress Investment Group acquires UK retailer Poundstretcher, following owner Aziz Tayub's retirement.

US firm Fortress Investment Group, known for its ownership of Majestic Wine and Punch Pubs, has acquired UK discount retailer Poundstretcher. The deal follows the retirement of owner Aziz Tayub and will see former Morrisons executive Andy Atkinson become Poundstretcher's new CEO. Poundstretcher has over 300 UK stores, and the value of the sale to Fortress was not disclosed.