BREAKING NEWS: Son of the multi-millionaire owner of Poundstretcher chain is killed after his Mercedes crashed into a tree

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Sabir Tayub, 48, was killed when his car careered off the M45 and crashed into a tree

A wealthy businessman and son of the multi-millionaire owner of budget chain Poundstretcher has been killed in a car crash.

Sabir Tayub, 48, died after his Mercedes careered off the M45 and hit a tree near Rugby, Warwickshire, last Tuesday.

Police are investigating the circumstances surrounding the smash and are looking into whether road conditions or adverse weather may have contributed to Mr Tayub coming off the road.

It is understood Mr Tayub was married with children.  

The businessman was the son of Rashid Tayub, 66, who with his brother Aziz, set up Crown Crest food distribution - which owns the national chain Poundstretcher.

The wholesale and property empire is now run by Aziz, and the Tayub family is thought to have a personal fortune of around £250million. 

In the 2015 Midlands Asian Rich List, which valued the county's richest Asians, Aziz Tayub's estimated worth was around £200 million. He was also the fourth wealthiest Asian in the Midlands, according to the list.    

Mr Tayub was managing director of Nottingham-based storage giant Sert UK. He was pronounced dead at the scene of the crash at about 1.30pm

Sabir Tayub was a successful businessman, as managing director of Nottingham-based storage giant Sert UK and the property investment company Sami Property Co Ltd

Mr Tayub was managing director of Nottingham-based storage giant Sert UK and the property investment company Sami Property Co Ltd. 

He was pronounced dead at the scene of the crash at about 1.30pm.

Paying tribute on Facebook, Mr Tayub's friend Andy Dunlop wrote: 'The reason we all work is because we love our customers. So, when one is tragically killed in a car crash on Tuesday at no age, it is so much more than you may think. 

'Those in my job will understand he was a mate. Funeral done. RIP Sabir Tayub - An entrepreneur.'

Fraser Mercedes Watson also paid heartfelt tribute to his friend on Facebook, writing: 'Well bro, I've been fed like a king, have been made most welcome as always, and we have chatted about our funny times together over the years.

'The world will never be the same. Rest in peace bro, and look after my dad up there! Thinking of you always.'

Sabir (left) and his father Rashid (right), who set up the Crown Crest food distribution group

The accident happened on the M45 eastbound approaching the Watford Gap area (pictured)

Uday Dholakia, a former chairman of Leicestershire Asian Business Association, said: 'It's deeply saddening for the family.

'I met Sabir in passing but I know his father Rashid, who encouraged his family to be successful but also very modest.' 

An inquest into the death was opened on Friday and adjourned for Warwickshire Police to carry out further investigations.

Officers investigating the incident on the M45 would like to hear from anyone who witnessed the crash or saw the car before the collision occurred. 

Police investigating Mr Tayub's death have launched an appeal for witnesses

A police spokesman added:  Officers would like to hear from anyone who witnessed it or saw the car, and the manner in which it was being driven, before the collision occurred.

'They would particularly like to speak to the driver of a white or silver BMW which drove along that stretch of road towards the M1 shortly before the incident occurred and may have important information which would help with the enquiry.' 

Anyone with information is asked to call Warwickshire Police on 101 quoting incident 187 of November 15. 

From corner shop owners to high street giants: the rags to riches tale of the Poundstretcher family 

Rashid and Aziz Tayub arrived in the UK from Malawi in the 1970s - and went on to run one of the most successful business empires in the country.

After trading groceries from a warehouse in Malawi, the brothers opened up a corner shop in the UK in 1976.

They moved into the cash and carry business which rapidly expanded, operating from depots across the Midlands. 

They also had several supply agreements with chains including Farmfoods and Poundland.

Sabir's father, Rashid Tayub: The Tayub family invested more than £50m to revamp Poundstretcher stores, flourished in the wake of the recession

Sabir's uncle Aziz Tayub, who has an estimated worth of around £200million, runs Crown Crest and Poundstretcher

The Tayub family bought shares in Poundstretcher in 2007, before buying it two years later

They also bought 15 former Woolworths stores, saving more than 200 jobs. 

Founded in 1981, Poundstretcher was one of the UK’s first discount stores.

Seeing an opportunity, the brothers bought a 30 per cent stake in the chain in 2007 - a time when it was facing financial difficulty.

The pair bought it two years later before turning it into a successful competitor in the industry, with some 404 stores across the UK.

In the following years, they invested more than £50m to revamp stores and product ranges in a bid to compete with bigger rivals in the fast-growing discount sector which flourished in the wake of the recession.  

Crown Crest had a turnover of £450 million in 2014, up £20 million on 2013.

And in the year to March 2015, it turned over £470.9m. 

Earlier this year, it was revealed Aziz Tayub had entered a bid to buy out the beleaguered BHS, which collapsed with the closure of 163 stores, the loss of 11,000 jobs and a £571 million pension black hole. 

As reported in The Telegraph, Mr Tayub had apparently registered an interest in buying the iconic high street chain out of administration.