Poundstretcher buys Ugo out of administration
Poundstretcher, a UK-based discount store chain, has bought 20 UGO discount shops out of administration, including five in the North East.
Administrators P&A Partnership's pre-pack deal has saved 245 jobs at Ugo shops across the North including branches in Ashington, Hartlepool, Stanley and Middlesbrough.
Nebusiness.co.uk quoted joint administrator Gareth Rusling as saying that this was a particularly complex deal and the firm focused in its negotiations on transferring over the employees.
The Ugo outlets opened last year in former Netto premise after owner Haldane Retail Group bought 20 shops that UK retailer Asda was forced to sell as part of its £778m acquisition of Netto.
Poundstretcher owner Crown Crest finance director Hemant Patel said the firm is delighted with the acquisition of these 18 stores and is pleased to secure all 300 jobs.
With this acquisition, the store count of Poundstretcher increases to 400. The England-based firm stocks a large product range, including food and drink, homewares, seasonal, cleaning and household products.
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