Poundstretcher boss Richard Kirk has hired five former senior executives from Peacocks, the retailer he used to lead until it went into administration in January.
Kirk, who took up his position last month, has brought in former colleagues including ex-Peacocks group financial controller Roy Ellis, who has been hired as finance director. He takes up the role next week.
The newly strengthened team also includes former Peacocks’ property and international director Neil Burns, who has become chief operating officer.
Ex-Peacocks director of retail operations Chris Miles has taken up the same role. Glen Taylor, former head of merchandising at Peacocks’ Bonmarché business, has also joined Poundstretcher, but his new title is unknown.
Amanda Williams, previously human resources controller at Peacocks, has been appointed as Poundstretcher’s HR director.
Kirk told Retail Week: “We have a top team that is ready to take the business forward.
Poundstretcher, which operates more than 400 stores, is no stranger to management changes – five different chief executives have taken the helm at the retailer over the past six years. The retailer had been without a chief executive for about a year prior to Kirk’s appointment, after Charles Kay left last summer.
Poundstretcher opened its first overseas store in Dubai in May. Kirk said the branch was trading “well”, and he will visit it in the next few weeks.
Poundstretcher returned to profit in 2011 for the first time since 2005 after a restructure and a cost-reduction programme. It posted pre-tax profits of £1.4m in the year to April 2, 2011 against a loss of £7.1m the year before.
Peacocks hit the buffers after struggling under a heavy debt pile. Despite leading talks to thrash out a deal to save it, Kirk, who had a 30% stake in the retailer, was unable to stop the business collapsing.
A number of the stores were then bought by Edinburgh Woollen Mill, which continues to trade the business under the Peacocks name.