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Poundland takes over rival 99p Stores in £55m deal

Discount chain Poundland is set to take over its rival 99p Stores in a £55 million deal.

The 99p Stores brand, which also includes Family Bargains stores, boasted £370.4m in annual sales last year.

ITV News' Consumer Editor Chris Choi reports:

Family-owned 99p Stores was founded 14 years ago as a single shop, run by Nadir Lalani. It quickly expanded, adding three more stores that same year, and now runs a total of 251 shops across the country.

99p Stores is to be bought by Poundland Credit: PA

Poundland, based in Willenhall near Walsall in the West Midlands, has around 600 shops, including some in Spain and the Republic of Ireland. It is paying £47.5m in cash, plus £7.5m in new shares in the buy-out.

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