A Northampton-based discount store chain is set to open 70 new stores in the next two years after receiving £25 million of funding from Barclays.
99p Stores Limited, based in the Swan Valley Industrial Estate, is one of the fastest growing businesses in the country and is set to increase to a total of 310 stores by the end of 2015.
Nadir Lalani, chief executive of 99p Stores Limited said: “I am very proud of the growth we have achieved with 99p Stores so far but we know from the popularity of our stores and customer feedback that there is still a substantial opportunity to grow much further.
“This package of growth finance from Barclays will allow us to move quickly to the next stage of growth through an accelerated new store opening programme giving more consumers in more locations access to our proposition of quality goods for under a pound.”
Glen McDonald, relationship director at Barclays Northampton and Milton Keynes said: “99p Stores and Family Bargains is a fantastic success story in what is a very challenging environment for retailers. The extended banking facility will allow the company to commence its plan of opening a further 70 new stores by the end of 2015 and create local employment.”
99p Stores Limited, based in a 375,000 sq ft distribution centre in Swan Valley was founded by entrepreneur, Nadir Lalani, in January 2001.
He opened his first store in Holloway, London, helped by sons, Hussein and Faisal, and continued to open three further stores later that year.