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| Poundland seeks to buy 99p Stores for £55m | Poundland seeks to buy 99p Stores for £55m |
| (35 minutes later) | |
| Budget retailer Poundland has said it wants to buy 99p Stores for £55m, subject to approval by competition authorities. | Budget retailer Poundland has said it wants to buy 99p Stores for £55m, subject to approval by competition authorities. |
| The two firms have signed a conditional deal for £47.5m in cash and £7.5m in stock. | The two firms have signed a conditional deal for £47.5m in cash and £7.5m in stock. |
| The sale, should it go through, includes 99p Stores' network of 251 shops, which trade as 99p Stores and Family Bargains. | The sale, should it go through, includes 99p Stores' network of 251 shops, which trade as 99p Stores and Family Bargains. |
| Discounters in the UK have been taking market share from supermarkets. | Discounters in the UK have been taking market share from supermarkets. |
| Over time, 99p Stores will be converted to Poundland shops, a spokeswoman for the firm said. The deal is subject to approval by the Competition and Markets Authority (CMA). | |
| Poundland chief executive Jim McCarthy said: "Through working together, Poundland will improve choice, value and service for 99p Stores' customers, bringing Poundland's proven know-how and range to 99p Stores." | |
| Since 1990, Poundland has opened almost 600 shops in the UK, Ireland and Spain, and plans to open 16 new shops per year for the next two years in the UK and Ireland. | |
| It trades as Poundland in the UK, and Dealz in Ireland and Spain. |