Poundstretcher has appointed former Peacocks boss Richard Kirk as its new chief executive.

Kirk said: “I am delighted to be joining Poundstretcher. The business is ambitious and extremely well-placed with 400 stores across the country to take advantage of current economic conditions and consumers’ increasing desire for quality products and great prices.”

Kirk has had a short break since Peacocks collapsed into administration at the beginning of the year. He has over 40 years of retail experience and worked as managing director of Iceland from 1978 to 1996.

Poundstretcher chairman Aziz Tayub had taken on the chief executive role since Charles Kay departed in January 2011 after just six months at the role.

Tayub said: “I am delighted to welcome Richard to the business as we embark on the next stage of our development.”

Retail Week revealed last month that Poundstretcher would be launching its first overseas store in Dubai. The store opens tomorrow.