In a £55 million deal Poundland is to buy out rival discounter 99p stores. Poundland has been on the British high streets for 25 years and now employs over ten thousand staff.
Both 99p Stores and Poundland have agreed to the deal but are waiting for confirmation from the Competition and Markets Authority whose job it is to prevent anti-competitive moves.
Founder of 99p Stores, Mr. Nadir Lalani will earn £47.5 million from the deal along with £7.5 million of newly expanded Poundland shares, already up 8% on news of the deal.
If the deal is approved Poundland will have more outlets than WHSmith, Lidl and Aldi.