New chief executive at Instore

INSTORE, which owns the Poundstretcher chain of budget stores, has announced that Aziz Tayub will take up the post of chief executive with immediate effect.

The Huddersfield-based group said that Mr Tayub, who has been a non executive director of the company since July, will replace Peter Burdon, who has resigned from the board with immediate effect.

Mr Tayub – who bought into the company last year – owns around 31% of the company. He also controls Crown Crest – a Leicester-based a cash and carry firm which specialises in food.

Instore has struggled in recent years but has been working hard to transform its fortunes.

John Jackson, chairman of Instore, said:”I am very pleased to announce the appointment of Aziz Tayub as the Company’s new chief executive. Having worked with Aziz as a fellow non-executive director since his appointment to the Board, I know his involvement in the day to day operation of the business will be pivotal to its turnaround.

“At the same time, I would like to thank Peter Burdon for his contribution to the business since joining as chief executive in May 2007, and particularly for helping guide Instore through a significant period of change.”