Company name: 99p Stores
What they do: Budget retailing
The boss: Nadir Lalani
Latest turnover (?,000): 231,007
Four-year compound sales growth (%): 35
Latest Ebitda (?,000): 9,807
Another business riding the wave of demand for cheap products is 99p Stores, owned by the family of Nadir Lalani and Barclays Ventures with a 24 per cent stake, which undercuts even the pound shop market by a full penny.
Like its rivals, the chain’s recent expansion was accelerated by the demise of the Woolworths Group, from which 99p Stores acquired a number of outlets.
Launched in 2001, the firm expanded quickly and now enjoys an unmissable presence across much of Southern England as well as, increasingly, parts of the North. The chain has 173 shops, up from around 130 shops this time in 2010 and is estimated to serve about two million customers every week.
Speaking to CNN in February, Lalani said the gloomy economic picture in Britain has helped the business to a degree, but that it is also ahead of the pack when it comes to strategy: ?Key to our success is buying. We make very fast decisions. Whatever people want to sell. They say we want to get rid of this stock. And we buy those stocks straight away. So no, we don’t mess about it.
The Hot 100 2012 is brought to you by Investec, Jordans, Cass Business School and Your Business Your Future.