Fortress Investment to acquire Poundstretcher

Discount retailer Poundstretcher will be acquired by Fortress Investment Group for an undisclosed sum.

According to Sky News, Fortress, which owns both Majestic Wine and Punch Pubs, agreed to purchase the business from Aziz Tayub, despite him previously indicating that he would like to pursue a floatation on the London Stock Exchange.

Sources told Sky that a deal was likely to be announced later on Thursday.

Trevor Strain, Morrison's former chief operating and finance officer, was said to be in line to join Poundstretcher's board, while Andy Atkinson, another former Morrisons executive, was expected to take over as chief executive.

Reporting by Iain Gilbert at Sharecast.com