45 outlets to open with help of £8m funding

99p Stores is to double its number of outlets, opening 45 shops over the next 20 months.

Along with other shareholders and Lloyds TSB, Barclays Ventures has provided £8 million in follow-on funding to aid the expansion programme.

Barclays Ventures first invested in the value retailer in June 2004. The group has since doubled its turnover and opened 26 stores, taking it to a total of 46 across the UK. Annual gross revenues are in excess of £100 million.

Barclays Ventures director Khilan Dodhia said: ‘We are pleased to support the continued growth of 99p Stores. The business has a fantastic market position and continues to go from strength to strength.’

As part of the growth plan, staff numbers should rise from 950 to 1,750 by December next year.

In a statement, the retailer said its success to date reflects the strength of its core customer proposition, with more than 70 per cent of customers returning to the store at least once a week.

99p Stores chief executive officer Nadir Lalani said: ‘We have ambitious growth plans, which we can now pursue from a much stronger financial base, having also brought Lloyds TSB in as our banking partner.’

Topics