Major high street retailer Poundstretcher has been sold following the retirement of its current owner. 

The business, which has premises in Prestwick, Irvine and Girvan, has been bought by New York based Fortress Investment Group. 

The retailer currently has 322 stores across the UK, with 40 in Scotland alone, including three in Ayrshire.

The retail giant previously had a store in Kilmarnock town centre, but it was closed down late last year.

The deal comes after the retirement of owner Aziz Tayub, who has spearheaded the business for 18 years.

Andy Atkinson, a former commercial director at Morrisons, has been named as Poundstretcher chief executive.

Mr Tayub said: "I am very pleased that the Fortress team will be providing the resources and investment needed to take Poundstretcher to its next stage of growth following my retirement."

Mr Atkinson said: "Poundstretcher is an exciting business with huge potential, in a large, growing and resilient sector.

"We are committed to being long term stewards of the business, investing to grow Poundstretcher and build on the great work established by Aziz and his team."