Poundstretcher restructuring plan approved by High Court

The retailer, which operates more than 300 stores across the UK, set out its restructuring plan on March 31. The plans received 93% approval from creditors, by value, which it said would strengthen its “long-term position and help create a company that can grow sustainably in the years ahead”.

Under its restructuring plan, Poundstretcher said it had no plans for store closures or redundancies and that its stores would “continue to welcome customers throughout this process”.

Poundstretcher said its approved restructuring plan is “complementary to the business’s wider turnaround strategy”, which includes investing in stores, improving its product offering, and future growth.

It added that in the coming months “Poundstretcher will focus on continued investment in its product ranges, its stores and the overall customer experience, seeking to provide great products at great value”.

Poundstretcher chief executive Andy Atkinson said: “Today, our company is in a stronger position to continue investing in our stores, our people and the overall customer experience. Our priority now is exactly what it has always been – ensuring our customers across the UK have access to great products at great value.”