Poundstretcher’s strategic expansion includes hiring senior executives from Morrisons as it seeks to bolster its leadership team.
- Private equity firm Fortress acquired Poundstretcher and appointed Andy Atkinson, a former Morrisons executive, as CEO in April.
- Miles Foster joins as Operations Director, bringing extensive experience from his 35-year tenure at Morrisons.
- Tony Fearon has been appointed as Group Commercial Director, supported by new team members from Morrisons and Poundland.
- Poundstretcher CEO Atkinson expresses enthusiasm about assembling a talented leadership team to drive the company’s growth.
The acquisition of Poundstretcher by private equity firm Fortress has set the stage for a comprehensive strengthening of its leadership team, primarily by recruiting key personnel from renowned grocery chain Morrisons. The move underscores Poundstretcher’s intent to revitalise its commercial and store operations teams as part of a broader growth strategy.
In a significant appointment, Miles Foster, who dedicated 35 years to Morrisons and previously served as their operations director, has transitioned to take on the same role at Poundstretcher. His extensive industry experience is expected to play a crucial role in overseeing over 300 stores and steering the retailer’s growth initiatives. Foster’s recruitment aligns with Poundstretcher’s strategic aim to infuse their leadership ranks with seasoned professionals.
Close on the heels of Foster’s appointment, Tony Fearon has been named as Group Commercial Director. His leadership is fortified by the arrival of Connor Black, a former Morrisons buying executive, as head of trading for pets, and Kyle Storey, an ex-Poundland executive, who will lead trading for fast-moving consumer goods (FMCG). This complement of expertise is anticipated to enhance the retailer’s commercial capabilities significantly.
Similarly, Liz Harris joins Poundstretcher as head of the retail operations team, bringing almost 20 years of experience from Morrisons. Her role is complemented by Annette Beecham, a former Home Bargains and B&M regional manager, and Mandy Fitzpatrick, previously head of central operations at Poundland, who will manage loss prevention. These strategic appointments are expected to streamline operations and foster innovative growth within the company.
Poundstretcher’s CEO, Andy Atkinson, who also transitioned from Morrisons, expressed his optimism about the new team. He described them as ‘the best in the industry’, highlighting their shared values in supporting colleagues and prioritising customer satisfaction. According to Atkinson, this marks the beginning of an exciting new chapter for Poundstretcher, focusing on robust leadership and ambitious growth targets.
The strategic hiring of former Morrisons executives by Poundstretcher signals a bold step towards revamping its leadership for sustainable growth.
