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Two Northamptonshire businessmen make Midlands’ Asian rich list

Nadir Lalani and his sons open the 140th 99p Stores in St albans in 2011. Mr Lalani has been named on the 2014 Asian Rich List.

Nadir Lalani and his sons open the 140th 99p Stores in St albans in 2011. Mr Lalani has been named on the 2014 Asian Rich List.

The owner of a booming 99p store and the boss of a shoe manufacturing boss were among a brace of Northamptonshire businessmen named in a regional list of the Midlands’ richest Asian entrepreneurs.

Anil Aggarwal, who owns the 1880 established Barker Shoes in Earls Barton, is said to be worth £370m in the 2014 list compiled by publishers Asian Media Group (AMG).

The poll ranks the 51 richest Asian people in the Midlands in terms of their net worth and was this year topped by Northern Foods owners Ranjit and Baljinder Boparan.

Mr Aggarwal is joined by fellow Northamptonshire man Nadir Lalani - whose Swan Valley based firm of budget shops - 99p Stores - has boomed in the recession.

Mr Lalani, whose net worth is rated at £55m, 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.”

Despite his interest in the historic shoe firm, Mr Aggarwal has built up most of his fortune from iEngergizer, an Indian company offering back-office functions to blue-chip companies.

Mr Lalani runs 99p Stores with his two sons Hussein and Faisal.

He says he came across the idea while travelling in America where he discovered the-then emerging dollar stores.

Having previously built and sold a grocery retail chain, Mr Lalani seized the opportunity and launched his first store with the backing of investors.

Now the firm is based in a 370,000 sq ft warehouse, which distributes to a chain of retail outlets employing more than 3,000 people.

 

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