99p Stores items could soon be going up to £1 and it’s all because of a £55m deal

Could Poundland snap up 99p Stores?

Bargain retailer Poundland is hoping to buy 99p Stores in a deal worth £55m.

Poundland, which has almost 600 stores in the UK, has signed a conditional deal with its smaller rival 99p Stores, which if it goes ahead will see 99p Stores rebranded as Poundlands.

Needless to say, this will mean a 1p price rise on all items in the 251 branches.

The deal is still yet to be approved by the Competition and Markets Authority (CMA) but we’re likely to find out in the next two months whether it will definitely go through.

The two companies are giants in the pound shop arena, meaning the CMA may ask Poundland to restructure its business “to address any impact on competition arising as a result of the proposed transaction”, Poundland said.

Poundland chief executive Jim McCarthy said: “This is a good deal for both businesses and will benefit customers and shareholders. 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.”

“We also believe that we can improve the performance of the 99p Stores estate and generate further value for Poundland’s shareholders. We look forward to working with the CMA as it undertakes its review”

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