Barclays backing 99p Stores store rollout with £25m investment

Barclays backing 99p Stores store rollout with £25m investment
99p stores have moved into dozens of ex-Woolworth's stores post-recession


Barclays has extended its banking facilities with 99p Stores to £25m which will help accelerate new store openings from 2014.


The general merchandiser, which was founded in 2001, will roll out 70 stores between now and the end of 2015 - taking its stores to 310.


Nadir Lalani, Chief Executive, 99p Stores Limited said he was very proud of the retailers growth so far and saw “substantial opportunity” to grow much further.


He said the Barclays package would allow it “to move quickly to the next stage of growth” by giving more consumers access to its proposition, which includes 30 Family Bargain centres.


Glen McDonald, Relationship Director at Barclays Northampton & Milton Keynes said: “99p Stores and Family Bargains is a fantastic success story in what is a very challenging environment for retailers.”


By Michael Somerville - Retail Gazette