Northampton based 99p Stores one of UK’s fastest growing companies
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THE family founders of the 99p Stores are celebrating after being named one of Britain’s’ fastest growing businesses.
The discount store, which last year launched two new brands under the company name, is one of the county’s success stories after it moved to Northampton to take advantage of its location.
The family-run company, whose head office and distribution centre is based at Swan Valley on the outskirts of Northampton, is estimated to be worth around £60 million and is fast becoming a key player in the local economy.
The Sunday Times Deloitte Buyout Track 100 league table, released today, ranked 99p Stores as third in a list of the region’s top private equity-backed companies with the fastest-growing profits.
The company, which reported profit growth of 74.4 per cent in the last two years, also came 17th nationally in the table, up 67 places from last year reflecting the company’s international launch of new brand Euro 50 Stores in Ireland, and Family Bargains, in England.
Managing director Hussein Lalani said: “We are really pleased to be in the league table again and to have climbed so many places nationally.
“The key to our success over the last year is, for a start that we have really settled in to our new warehouse now and feeling the full benefits of our much larger logistics centre.
“Also in the last year we have launched two new brands, Family Bargains and Euro 50 Stores, and have been overwhelmed with the success.
“The British economy is borderline in recession and consumers are still coming to us to get the best deals on the high street.
“Good deals never go out of fashion.”
The company received private equity investment from Barclays Venture in their third year, after proving themselves to be a growing business with a winning formula, which Mr Lalani said was the right investment option for the family. He said the company hoped to continue their success story in the same way.
Tim Bagshaw, head of investment at Northamptonshire Enterprise Partnership, which aims to boost the county’s economy, said the success story was a positive reflection on Northamptonshire.
He said: “This is a really positive story. It’s a testament to the strength of the county, and what we offer in logistics and distribution is showing here. We see real opportunity and strength in this area in Northamptonshire, already proven by a large number of existing companies and we see opportunity to bring more investment and many more jobs in this sector.”
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Comments
There are 12 comments to this article
Page 1 of 1
MarcusMoore
Saturday, February 4, 2012 at 06:08 AMMagadalene. Surely they don't "get a lot of their staff from what I hear the job centre". I mean, god forbid, a company is actually employing people who need work! Not everyone needs to earn 30k a year. A lot of people work for, so called, 'pound shops'. If it gives them work and keeps them off the streets, then well done them. I, personally, probably wouldn't use this kind of shop regularly. But I have done in the past for various bits. Especially when they sell some branded items for much less than other shops. Why WOULDN'T you go to them. Makes good economic sense!
Duncan Roomyhatchback Duncan
Friday, February 3, 2012 at 04:31 PMI can't believe all you snobs turning your noses up at 99p shops. Does it make you feel less working class to buy the same items for a higher price in a more upmarket store? You can't deny those giant scissors look good value for 99p!!!
magadalene
Friday, February 3, 2012 at 04:25 PMwouldn't even go into one of these shops most of it is rubbish, but then you cannot expect anything else for a pound or 99p. Also they do not pay very good wages and get a lot of their staff from what I here from the job centre ........ would rather pay for something decent that will last. Its a novelty at the moment but it will pass ....
TeddyMcnabb
Friday, February 3, 2012 at 03:31 PMI can see why their smiling.... http:www.boycottworkfare.org
TeddyMcnabb
Friday, February 3, 2012 at 02:45 PM99p stores, use the free labour of WORKFARE.
lady muck
Friday, February 3, 2012 at 02:38 PMThat's a big pair of scissors for only 99p.
Finker
Friday, February 3, 2012 at 12:36 PMRedneck, if you sold the same stuff for £2 would that be an improvement or just prove the more cultured customer had less sense when it came to money?
Removed by moderator
Friday, February 3, 2012 at 12:14 PMWhere do all all the penny coins in change come from? 99P eh?. Just about sums up society today. I presume all the staff are well paid?
kronik
Friday, February 3, 2012 at 11:45 AMHaving read the totally ungrammatical entry by RedNeck, one can only presume he is of the underclass.
Red Neck
Friday, February 3, 2012 at 11:15 AMIf it classed as 'good news' that shops selling cheap tat to the underclass and blighting our high streets are thriving then let us have some bad news.
Common sense
Friday, February 3, 2012 at 09:33 AMWell done the Lanali family. We now need Local-Government to create the right environment to allow locals create wealth. Its much more likely that Local s will re-invest in Northamptonshire and that's much easier than trying to attract people in....we're already here..waiting for the opportunities to happen!
Chris Lambert
Friday, February 3, 2012 at 08:08 AMSo good to see a bit of good business news instead of all the Doom and Gloom the media normally pushes!
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