99p Stores up for sale

One of Britain's largest discount retailers, 99p Stores could be about to change hands for up to £80m.The company's owners have appointed advisers from DC Advisory Partners to work on a strategic review of the business, which could lead to its sale.

A deal is likely to net founder and entrepreneur, Nadir Lalani, a multi-million pound fortune. Bankers believe the business could be sold for between £60m and £80m. It is thought the Lalani family owns a stake of 50pc, while Barclays Ventures has a 25pc shareholding. The remainder of the shares in 99p are owned by other private investors.Mr Lalani established the business in 2001, opening his first store in Holloway, north London, with the simple concept of selling items for less than a pound.

Source : The Retail Bulletin