Barclays is supporting the growth plans of 99p Stores with extended banking facilities of £25m.
The banking facilities will be used to deliver an accelerated new store opening programme from 2014. This will involve investment in a total of 70 stores between now and the end of 2015, taking the total number of stores operating by the business to 310.
Nadir Lalani, chief executive, 99p Stores, said: “I am very proud of the growth we have achieved with 99p Stores 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.
“This package of growth finance from Barclays will allow us to move quickly to the next stage of growth through an accelerated new store opening programme giving more consumers in more locations access to our proposition of quality goods for under a pound.”
Glen McDonald, relationship director at Barclays Northampton & Milton Keynes, said: “99p Stores and Family Bargains is a fantastic success story in what is a very challenging environment for retailers. The extended banking facility will allow the company to commence its plan of opening a further 70 new stores by the end of 2015 and create local employment.”
99p Stores, based at its 375,000sq ft distribution centre in Swan Valley, Northampton, was founded by entrepreneur, Lalani, in January 2001.
He opened his first store in Holloway, London, helped by sons, Hussein and Faisal, and continued to open three further stores later that year.
With approximately 2m customers passing through their doors each week, the company has enjoyed rapid growth and now has 240 stores, including 30 Family Bargains outlets that offer a broader range of general merchandise including toys and soft furnishings. The business also operates the €uro 50 Stores in the Republic of Ireland.