Leicestershire-headquartered discount chain Poundstretcher is rewarding all of its employees in recognition of their hard work throughout the pandemic, as well as the company’s 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.
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.