Poundstretcher swoops for discount rival
Huddersfield-headquartered discount chain Poundstretcher has bought the UGO discount store group, which has outlets across Yorkshire, out of administration. The deal saves 245 jobs.
John Russell and Gareth Rusling from the P&A Partnership were appointed joint administrators to UGO yesterday (February 8) and sold the business immediately on appointment.
All of the 245 staff employed at UGO's 20 stores across the north of England and East Midlands have transferred to the new business as part of the pre-pack deal.
Gareth Rusling said: "This was a particularly complex deal and we focussed in our negotiations on transferring over the employees.
"We are pleased that we have been able to rescue the business and save so many jobs, particularly given the tough economic climate for the retail sector.
"Poundstretcher is a strong brand with a growing High Street presence."
The UGO stores opened last January in former Netto premises. The company has four stores in Hull, two stores in Barnsley, and stores in Rotherham and Bradford.
The brand's owner, Haldane Retail Group, put the Lincolnshire-headquartered chain up for sale in September.
