Discount chain 99p stores, has announced it has secured an additional £25m of banking facilities from Barclays and is therefore stepping up its UK expansion plans.
The company plans to open a total of 70 stores stores with the funding by the end of 2015. It will take the number of sites in its portfolio to 310. The new sites will also create 2,100 new jobs along the way.
Nadir Lalani, chief executive of 99p Stores, said: “I am very proud of the growth we have achieved 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.”
Founded by Lalani in 2001, 99p Stores now has approximately 2 million customers passing through its doors each week. In April this year the company also announced plans to expand its network of stores in Scotland with an additional 25 stores opening in the next three years alone. In addition to 99p Stores, the company operates 30 Family Bargains outlets as well as the €uro 50 Stores chain in the Republic of Ireland.