carlWith the recent news dominating the retail sector that U.K. chain store Poundstretcher has now been sold, Prolific London figured now would be a great time to take a look at the former CEO of the company, Aziz Tayub.
Aziz Tayub and his older brother Rashid arrived in the UK from Malawi in the 1970s. The Tayub family initially started with a corner shop and this is where Aziz Tayub got his first taste of working in the U.K. retail industry. Starting from humble beggings and then the family began venturing into the cash-and-carry business, quickly expanding to operate from multiple depots across the Midlands.
Purchasing Poundstretcher
After founding their Company Crown Crest Food Distribution The Tayub brothers acquired a 30% stake in the struggling chain store Poundstretcher in 2007. Two years later, they fully acquired Poundstretcher and transformed it into a formidable player in the discount retail sector.
Under the brother’s leadership, Poundstretcher grew to operate approximately 404 stores across the UK. The brothers invested over £50 million to revamp the stores and diversify product ranges, enabling the chain to compete with larger rivals in the burgeoning discount market, especially following the 2008 recession.
Tragedy Strikes the Tayub Family
Unfortunately, tragedy struck the Tayub family in November 2016. Sabir Tayub, who was the son of Rashid Tayub (Aziz’s brother) tragically lost his life in a motor incident. Sabir Tayub was managing director of Nottingham-based storage giant Sert UK and the property investment company Sami Property Co Ltd. He was pronounced dead at the scene of the crash and Tributes poured in for Sabir on social media.
Andy Dunlop, a friend, wrote, “The reason we all work is because we love our customers. So, when one is tragically killed in a car crash on Tuesday at no age, it is so much more than you may think. Those in my job will understand he was a mate. Funeral done. RIP Sabir Tayub – An entrepreneur.”
Aziz was very close to his nephew and accounts from various sources close to the family state that he helped mentor him in the business world, and it is a loss that devastated him greatly.
Recent Sale Of Retail Giant
In April 2024 Aziz decided it was time to step down and move on from his role at Poundstretcher. US investment firm Fortress Investment Group, known for owning Majestic Wine and Punch Pubs purchased the brand for an undisclosed fee.
This came about as follows Aziz Tayub has finally decided to retire after years of success. As stated above he had overseen Poundstretcher since 2008 helping it grow from strength to strength. It seems Mr Tayub felt it was time to hang up his hat and sail off into the sunset.
The Tayub family’s net worth is estimated to be over £250 million, and after this sale, it could well be more. Without knowing the exact figures that Poundstretcher was acquired for it would be hard to put an exact number on it, but it can’t be denied the success Aziz and the Tayub family have had since arriving in the U.K., is a truly inspirational story and now it seems Mr Tayub felt it was the right time to hang up his hat and sail off into the sunset.
