LONDON: Europe’s largest single-price retailer Poundland has snapped up British rival 99p Stores for £55m in a deal underlining the booming discount retail sector.
The group, which floated on the London stock market last year, announced in a statement that it has agreed to buy the family-owned 99p Stores chain in a cash-and-shares deal.
Poundland, which charges one pound per item, operates a network of almost 600 stores across Britain and Ireland – where it trades as Dealz – with an estimated five million customers per week.
Rival chain 99p Stores, which sells items at 99 pence each, has 251 branches and around two million weekly customers.
