99p Stores to sell for £60m
Budget retailer 99p Stores is set to pocket up to £60m by putting the business on the market, according to reports.
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.
The Lalani family last year put it up for sale and had originally wanted £80m, according to the Independent on Sunday. But a price tag of between £50m and £60m was now understood to be more realistic.
Electra Partners is thought to be the forerunner to buy the business but a number of other private equity firms are also reported to be interested.
If a buyer is found it is believed that managing director Hussein Lalani and buying director Faisal Lalani - Nadir's sons - will stay on to run the business.
99p Stores secured banking facilities of more than £20m from Barclays Corporate in October. The Northampton retailer said the deal would help double the size of the business and assist with its move into Ireland.
The Northampton-based company aims to have 600 stores in the next decade, with sales of more than £300m and 5,000 employees.
