Leicestershire-headquartered discount chain Poundstretcher is rewarding all of its employees in recognition of their hard work throughout the pandemic, as well as the companies restructure after entering a Company Voluntary Arrangement (CVA) in 2020.
From January 1 2022, all employees who have completed a year’s full service will receive a 10% increase of their basic annual salary. The pay increase percentage is more than the increase in National Minimum Wage the government is implementing from April 2022.
The award is a show of support by Poundstretcher to its employees, particularly support centre and customer facing staff, acknowledging the discipline and commitment made to help maintain the business’ success.
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Poundstretcher has opened 47 new stores across the UK over the last twelve months and plans to open a further 50 stores in the next year. The family-owned retailer’s newest stores include Derby, Erdington, Poole, Truro and three stores in Northern Ireland.
The business has managed to retain strong sales over the last half year – recording sales of £140 million in the six months to the end of September – in spite of a CVA and additional external cost pressures.
Aziz Tayub, Co-Owner and Chief Executive of Poundstretcher, said: “We are proud and inspired by the way our company has risen to every challenge, from our CVA to the pandemic, with resilience, courage and a caring attitude.
“We really value the excellent contribution that all of our employees have made over the last year to maintain business continuity and ensure we are in a position to achieve further growth, and as such have decided to reward our staff to show our deep appreciation for their ongoing hard work.”
Established in 1981, Poundstretcher is a family-owned retailer with a strong high street presence with 365 stores across the United Kingdom.
