Poundstretcher has recruited Nadir Lalani, the founder of 99p Stores, as executive chairman.
Lalani founded 99p Stores in 2001 and was CEO before the discount chain was sold to rival Poundland in 2015. He’s due to take up his new post at Poundstretcher on 1 October.
The news comes as Poundstretcher seeks to acquire up to 200 stores previously occupied by the defunct Poundworld chain. Poundstretcher has already landed the leases to seven and reopened them under its own banner, and hopes to have opened 50 more by Christmas.
“We’re putting the right people in the right place,” said Poundstretcher property director Gerry Loughran of Lalani’s appointment.
99p Stores had grown to 251 branches when the Lalani family sold it to Poundland in a deal worth £55m.
Poundland converted the majority of the estate to its own banner and put what remained of the chain into administration, closing 60 stores.
The Lalani family already has ties to Poundstretcher. Loughran worked at 99p Stores for nearly 10 years, and in 2016, The Grocer revealed that Nadir Lalani was using an office at Poundstretcher’s head office from which he was planning to launch a new venture in his native Tanzania. At the time Lalani’s daughter was also using an office there to develop an internet business.
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