99p Stores commercial director Hussein Lalani is planning to launch either an online business in the UK, or a new retail operation in Tanzania, once Poundland’s acquisition of 99p Stores is given the green light.
“Online offers the opportunity to operate on a global scale,” he told The Grocer. “But Tanzania is where my family is from, and there’s a huge amount of potential there for retailers.”
Poundland’s acquisition of rival 99p Stores is currently being looked at by the Competition & Markets Authority, but Lalani believes it should be a done deal by April, saying there was nothing to suggest the CMA would block the deal, judging by the questions it had sent to concerned parties. “In the meantime it’s business as usual,” Lalani added.
Poundland launched its £55m bid for the chain on 5 February. If successful, the acquisition will take Poundland’s store estate to over 800 stores.
Lalani also said he would miss the “friendly rivalry and mutual respect” between the discounters.
The Lalanis also started Europa Foods, which Tesco acquired in 2004 as part of a £54m deal that also included Cullens and Harts.
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