99p Stores could net £60m in sale

The founding family of 99p Stores is hoping to pocket up to £60 million by selling the value retailer, which has thrived in the economic downturn. Nadir Lalani opened the first store in 2001 and the firm now has nearly 150 outlets following an aggressive expansion drive that has seen it move into dozens of former Woolworths stores.

The squeeze in consumer spending has increased demand for its products, which all sell for 99p or less.

The Lalani family put the business on the market for £80m last year but is now said the considering a lower price tag, with the buyer likely to be a private equity firm.

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