“They paid more than 99p… rofl lol!!”
In all seriousness though, talk about a merger that wipes out the competition. Poundland are set to buy the 99p store for £55m – and it’s not just not in exchange for a ridiculous amount of Moam Pinballs. They’ll get 251 99p Store branches, which produces a tidy £370m every year.
Poundland will pay £47.5m in cash and there will be £7.5m in new Poundland shares. Jim McCarthy, chief executive of Poundland, said, “This is a good deal for both businesses and will benefit customers and shareholders.”
The deal still needs to be given the thumbs up by the folks at the Competition and Markets Authority.