Poundtretcher has confirmed to Wokingham Today that its ‘repossession’ earlier this morning was a misunderstanding, and that it has now reopened.
Poundstrecher in Peach Street appeared to have been repossessed earlier this morning, with a legal notice from a Liverpool-based debt collection and enforcement agent indicating that criminal action would be served against anyone now entering the property.
The business, at 25 Peach Street in the town centre, was formerly home to Woolworths, and is one of the largest retail units in Wokingham.
The Wokingham store is understood to be owned by Fortress Investment Group, a US-based private equity firm, which acquired the UK discount retailer in April 2024.
To secure the chain’s long-term future, Fortress launched a restructuring plan to reduce store rent costs, and injected a £30 million financing facility for the business.
Several reports received by Wokingham Today noted that staff were outside the business early on Tuesday morning, indicating they had no prior warning of the closure.
A spokesperson for Poundstretcher told Wokingham Today late on Tuesday afternoon that the matter was a misunderstanding that has now been dealt with, and that the strore had reopened.
This was confirmed by a Wokingham Today reporter who visited the store around 4pm on Tuesday afternoon.
