99p Stores to double with £20m Barclays funds
Budget retailer 99p Stores has secured banking facilities of more than £20m from Barcleys Corporate. The Northampton retailer said the deal would help double the size of the business and assist with its upcoming move into Ireland.
99p Stores said the funding would support the opening of between 40-50 new stores a year. The retailer has recently opened up outlets in Letchworth, Stowmarket, Swindon, Weston-Super-Mare, Yeovil, Bishops Stortford and Colchester.
Its first two Irish stores are due to open in Dublin and Balbriggan under the new brand €uro 50 Stores later this month. A further 20 are planned for in the next 12 months.
The company has now moved all of its operational banking across to Barclays Corporate.
Glen McDonald, relationship director at Barclays Corporate, said: “99p Stores is a fantastic success story in what is a very challenging environment for retailers. The management’s ambitious growth plans to double the business’ size and expand overseas are testament to their success, and will ultimately create many new and much-needed jobs.”
99p Stores, which is based in Swan Valley, Northampton, was founded by entrepreneur Nadir Lalani in January 2001. He opened his first store in Holloway, London and continued to open three further stores later that year.
The company now has 150 outlets across the country including 12 of its larger spin-off sites under the Family Bargains banner.
It was announced last month that 99p Stores' first €uro 50 Stores outlet would open in Dublin's Ilac Shopping Centre.
The company's announcement comes just weeks after West Midlands rival Poundland revealed it would enter the European market by introducing its Dealz stores in Ireland.
Commercial director Hussein Lalani said: "This is yet further proof that European consumer spending patterns have changed forever. The days of consumers being ripped off paying two and three euros for day to day essentials are a thing of the past."
"The consumer genie is out of the bottle. There’s no going back."
The new €uro 50 Stores division will sell ranges including babywear, biscuits, cosmetics, DIY, fashion and chilled foods.
