Poundstretcher Brighton

Source: The Grocer

Poundstretcher launched a company voluntary arrangement (CVA) rescue plan in July last year

Poundstretcher executive chairman Nadir Lalani has left the business after three years.

Lalani resigned on 31 October, according to documents filed at Companies House.

Having founded 99p Stores in 2001, Lalani built the chain to 251 stores before selling the business for £55m in 2015 to Poundland, which converted the fascia to its own. He went on to join Poundstretcher in October 2018.

His son Hussein Lalani, who was 99p Stores MD, told The Grocer his father had left Poundstretcher to slow down and spend more time with family, having turned 72 this year.

“My dad’s always got a finger in some pie somewhere – he’s always looking at different business opportunities – but I think Poundstretcher was quite a full-on job for him and he just decided to slow down a bit,” Lalani explained.

“Plus, me and my wife are having a baby in a month and he wants to spend time with his grandchild.

“Me and my brother have our own businesses and we always come to him for advice. With his long experience in business since he came here in the seventies, it’s always good having him to sound things off.”

Poundstretcher launched a company voluntary arrangement (CVA) rescue plan in July last year, in which the fate of hundreds of stores depended on landlords accepting rent cuts.

The Grocer revealed in September this year that more than 60 landlords had exercised their right under the CVA to terminate its leases.

Poundstretcher’s owners also recently bought stricken chain JTF Mega Discount Warehouse from administrators, following the closure of all 12 of its stores this summer. The stores were acquired by Bargain Buys, a subsidiary of Poundstretcher, in a deal paving the way for nine to reopen.