Poundstretcher today announced that it would be giving nearly 4,000 employees a 10% pay increase, effective from 1st April 2023.
All employees with over one year’s service will be eligible for the rise, which covers over 70% of the store’s workforce. This means the majority of Poundstretcher customer-facing staff will be eligible.
Owner, Aziz Tayub, explained: “This 10% pay raise will make a real difference in this current climate to the majority of our employees who are committed to servicing our customers and growing our business in the current economic climate.”
Last year the company also implemented a 10% increase on salaries to reward employees for their hard work post pandemic and for the positive turnaround of the company’s profits post successful Company Voluntary Arrangement (CVA). Poundstretcher’s profitability has grown from strength to strength since 2020. They are now looking towards a profitable future which will drive growth in sales, profits and number of stores, which should generate over 2,000 jobs over the next five years.
Added Tayub: “This will be the second year in a row we will have introduced a second pay rise in the same year for our store colleagues. We wanted to do more to support them and to say thank you for their commitment to quality service and customer care”.
Poundstretcher is the UK’s leading discount retailer giving customers big brands at big discounts, with over 2,000 products at the lowest prices on the market. We opened over 30 stores nationwide in 2022, with plans to open another 50 by the end of 2023. Poundstretcher stocks a wide range of great branded products at low prices including groceries, toiletries, kitchenware, bedding, bathroom products, furniture and children’s toys.
