Discount retailers Poundstretcher has announced a 10 per cent pay rise for its workers following a similar rise just over a year ago.
The business – which recently came out of a Compulsory Voluntary Arrangement (CVA) – said it would give almost 4,000 employees the pay increase from April 1. It applies to anyone who has worked there more than a year, or around 70 per cent of staff.
The Leicestershire-based group previously raised the salaries of all staff with a year’s service by the same percentage back on January 1, 2022, rewarding their hard work following the pandemic and their part in helping turnaround the company’s profits.
Last November management announced they had exited the two year CVA after repaying creditors at a rate of 12p in the pound. The business brought in the legal arrangement back in July 2020 to find a way of offloading high rent stores, and has now paid off around £13 million of what it owed.
The Poundstretcher Group is owned by Crown Crest Group, which is run by brothers Rashid & Aziz Tayub.