99p Stores are set to double in size with the help extended banking facilities of over £20m. Thanks to Barclay’s bank the high street retailer will be expanding into Ireland.
As a result, the retailer has moved all of its operational banking across to Barclays Corporate in recognition of the bank’s support for its ambitious growth plans.
The facilities will support the opening of between 40-50 new stores a year, the first of which have already opened the doors to customers in Letchworth, Stowmarket, Swindon, Weston-Super-Mare, Yeovil, Bishops Stortford and Colchester. The first of two Irish stores under the new brand ‘€uro 50 Stores’ opened in Dublin this morning and a second in Balbriggan is due to open later this month. A further 20 are planned in the next 12 months.
Glen McDonald, Relationship Director in Barclays Corporate’s Retail and Wholesale team said: “99p Stores and Family Bargains is a fantastic success story in what is a very challenging environment for retailers. The management’s ambitious growth plans to double the businesses’ size and expand overseas are testament to their success, and will ultimately create many new and much-needed jobs”.
Nadir Lalani, Chief Executive Officer, 99p Stores Limited said: “I am excited about moving to Barclays Corporate and look forward to working with them in the future as we continue to expand our businesses”.
99p Stores Limited, based in Swan Valley, Northampton, was founded by entrepreneur, Nadir Lalani, in January 2001. He opened his first store in Holloway, London and continued to open three further stores later that year. The company has enjoyed rapid growth and now has 150 outlets including 12 Family Bargains which offer a broader range of general merchandise including toys and soft furnishings.