Company name: 99p Stores
What they do: Budget retailing
The Boss: Nadir Lalani
Latest turnover (£,000): 270,222
Four-year compound sales growth (%): 34
Latest Ebitda (£,000): 10,907
It is no secret that budget retailers, such as 99p Stores, have done well out of the recession as penny-pinching consumers look for bargains. In the last year alone, the Lalani family – owners of 99p Stores – have added another £40m to their turnover, bringing sales to £270.2m.
99p Stores was launched by Nadir Lalani in Holloway in 2001 and the chain now has more than 200 stores dotted across the country. More than 1.5 million customers pass through 99p Stores’ doors every week to buy everything from furniture polish to chocolate. Each store stocks an average of 5,000 different products.
“It has now become cool and trendy to shop at 99p Stores; it’s become the social norm,” says co-founder Hussein Lalani. “The public has become rightly fixated and hooked on value, and we’re delighted to oblige. We conduct constant research and feedback and what has been coming across loud and clear is that the public is fed up of having been ‘ripped-off’ for years by the Big Four supermarkets.”
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