Losses at mixed-goods retailer Instore have more than doubled from £2.2m to £5.8m. Like-for-likes fell 0.8 per cent in the year to February 28 and the total was down 0.3 per cent to £295.8m.
The retailer, in which the entrepreneurial Tayub family took a controlling stake through their Crown Crest investment vehicle last summer, said the loss “reflects a period of fundamental repositioning and redevelopment of the business”.
Chief executive Aziz Tayub has focused on cost control, an improved profit offer, store branding and formats and strengthening the management team.
He said the previous management’s attempts to reposition the business to appeal to the middle market were “flawed” and that the historic Poundstretcher fascia was being re-energised. Out-of-town shops are to rebranded Poundstretcher Extra.