Poundland buys 99p stores for £55m

Northampton-headquarted 99p Stores has been sold to larger – and slightly more expensively priced rival – Poundland.

The deal includes 99p Stores’ network of 251 stores, as well as its warehouse and distribution centre.The acquisition is made up of a cash consideration of approximately £51.5m and the issue of new Poundland Shares with a value of around £3.5m.