Saving Poundstretcher boss threatens to quite after overspending
Former Poundworld boss brought in to save struggling Poundstretcher haemorrhages £1 MILLION by rehiring his old staff and overspending on orders – and threatens to QUIT when he’s confronted
- Poundworld millionaire Chris Edwards is brought in to save Poundstretcher
- Chris spends an extra £1 million in head office alone on bringing in his old staff
- He also overspends by thousands of pounds without confronting the cost team
- When he’s confronted Chris threatens to quit the company and storms out
The millionaire former owner of Poundworld who was brought in to save Poundstretcher is confronted over his £1 million overspends in a new documentary.
Businessman Chris Edwards sold his chain for £150 million in 2015, and was subsequently hired as the tenth CEO in 10 years by Aziz Tayub to boost sales for struggling Poundstretcher stores.
Chris lasted just six months in his new role, and Channel 4’s Saving Poundstretcher documents the changes he made in this time.
He spends an extra £1 million bringing in his own staff and tens of thousands on stock for single stores in an attempt to make it profitable.
In one splurge Chris forks out £7,000 on a delivery of plastic poster covers from China, when the product could have been ordered for around £2,000 cheaper from the brand’s usual local supplier.
During one heated scene in the documentary, Tayub’s son Fayaz, who is responsible for company costs, confronts Chris about his spending, leading to the businessman threatening to quit.
Businessman Chris Edwards (pictured) sold his Poundworld chain for £150million in 2015 and was brought in to save Poundstretcher last year. Chris gets into a heated argument with Poundstretcher owner Aziz Tayub’s son Fayuz over spending (above)
Over a third of Poundstretcher’s stores are losing money and the company is facing cutting 6,000 jobs
Over a third of Poundstretcher’s stores are losing money and the company is facing cutting 6,000 jobs.
Chris and his team are attempting to drive up sales, and he puts his friend and marketing expert Martin Birks on the payroll to create new posters for the store.
Chris approves an order for 5,000 plastic covers for the posters at £1.40 a pop, costing £7,000.
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He had found a Chinese manufacturer that would sell them for 48p cheaper but they would take 10 weeks to come, and to save time Chris took the pricier option.
Fayaz tells Chris one of their local suppliers could have done them for £1.20 each, saving the company £1,000.
He calls a meeting with Chris and the two men get into an awkward confrontation.
Chris and his team are attempting to drive up sales, and he puts his friend and marketing expert Martin Birks on the payroll to create new posters for the store, but Fayaz (pictured) questions his spending
He was angry that Fayaz didn’t raise the cheaper products to him sooner, and says he is being accused of spending more deliberately
He only lasted six months at Poundstretcher, and Channel 4’s Saving Poundstretcher documents the changes he made in this time
Chris was angry that Fayaz didn’t raise the cheaper products to him sooner, and says he is being accused of spending more deliberately.
He says: ‘I don’t need a lecture from you to say I’ve spent 20p on a piece of plastic, no listen to me, listen to me. This can be a deal-breaker, I don’t give a f***.’
Trying to diffuse the situation, Fayaz says: ‘We can work together Chris, we can work together.’
But Chris interrupts, saying: ‘We can work together but not on these terms. We’re not going to work together. I’m not having it.’
Chris then storms out of the office and attempts to calm down in another room.
Chris had found a Chinese manufacturer that would sell them for 48p cheaper but they would take 10 weeks to come, and to save time he took the pricier option
Chris stormed out of the meeting in fury and tries to calm down in another room after Fayaz said they needed to cut back on costs, the next day he admits he has a temper problem
Fayaz (pictured) believes Chris and the family-run business can work together but confronts him over his spending
The next day he admits he has a bad temper, saying: ‘I’ve got a problem and it’s caused me a problem all my life in business, especially.
‘I go from ultimately calm to somebody who’s not right in their head, and I think Fayaz got a bit of that. Afterwards, when you think about it, I’m not proud of myself, it’s just passion for the job.’
Chris brings in six of his staff from Poundworld, and plans to bring in 12 extra when the budget allows for it.
He spends much of his time traveling around the country to look at what branches need attention, and decides to use a large store in Castleford, Yorkshire, as his new guinea pig.
Poundstretcher is owned by Aziz Tayub (pictured), who made his £250 million fortune in a cash and carry business
Chris spends an extra £1 million bringing in six of his former staff and has plans to rehire 12 more (pictured: the Huddersfield warehouse)
Aziz says customers can ‘smell prices’ and refuses to change his buying habits (pictured in the brand’s Huddersfield warehouse)
He transformed into the prototype store and given a new layout that will be rolled out in stores across the country.
The company put £25,000 into the refurbishment, and though takings went up they also hired more staff to work in the store.
The documentary also looks at the company’s problem with theft, as it is discovered that it lost £7 million last year through shoplifting and staff stealing stock and money from the tills.
Many stores can’t afford their own security guards as they come out of the budget, meaning they will often have to tackle thieves themselves.
Chris hires a specialist team to track down members of staff who are stealing from the company.
They discover employees are clocking in hours they didn’t work, with many claiming to be at the stores even when the lights are off on the CCTV.
Saving Poundstretcher airs on Channel 4 on Monday at 9pm
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