Mon, 28 Mar 2011 | BUSINESS SALE
The discount retailer 99p Stores may be put up for sale with a price tag of up to £80m, netting its entrepreneur founder Nadir Lalani a fortune.
According to a report by the Sunday Telegraph, Lalani’s family, who own half the company, and Barclays Ventures, who own 25 per cent, have appointed DC Advisory Partners to carry out a strategic review. This could very well lead to the business being put up for sale. The balance of the shares in the business are held by private investors.
Analysts suggest that a price of between £60m and £80m would not be out of the question. The latest filed accounts for 99p Stores to 31 Jan 2010 show a turnover of £183.5m, a substantial increase of the previous year’s revenue of £113m. Pre-tax profits were £1.79m in the year to 31 Jan, 2010, compared to the previous year’s £333,000.
The business has benefited from the disappearance of Woolworths stores on the nation’s high streets and has further benefited from picking up some of the Woolworths' sites on the cheap. 99p Stores now employs over 3,000 people in 133 shops around the UK.
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