99p Stores set to grow chain in £5.7m deal

Value chain 99p Stores has received a £5.7 million boost as it embarks on aggressive expansion.

The deal, a mixture of debt and equity funded by Barclays Ventures, will help finance the opening of 50 shops within the next three years. The retailer also aims to increase sales to£150 million by 2006, from £24 million last year.

Like-for-like sales at 99p Stores have surged 25 per cent in the past year. There are 20 shops in the UK.

According to Barclays Ventures, pound store sales are growing fast. Sales in the first quarter of this year are estimated to have risen 15 per cent compared with the equivalent period last year.