We have advised the shareholders of 99p Stores on its £55 million sale to Poundland

Poundland, Europe's leading single price general merchandise retailer, has acquired 99p Stores' network of 251 shops, which served more than two million customers a week, as well as its warehouse and distribution centre. As a result of the sale, Poundland now operates over 800 stores, serving around seven million customers every week generating turnover approaching £1.5 billion.

When the top two fixed price retailers announced the proposed deal in February this year, it drew the attention of the Competition and Markets Authority (CMA). After a lengthy investigation the CMA gave full clearance to the takeover last month after it was accepted that the sale did not lead to a loss of competition and would offer benefits to the consumer.

Birmingham corporate partner Peter McLintock and principal associate Junaid Haroon led the Mills & Reeve team which guided 99p Stores through the extreme rigours of a full CMA investigation and provided advice on the corporate, real estate, tax, employment, banking and pensions aspects of the transaction.

Peter said: “It is clear that this shopping format is here to stay and a percentage of the shopping public seek out value for money and use fixed price retailers to either top up their shopping basket, spend their pocket money, or just indulge in affordable spending. We are delighted that we could be part of such an exciting deal.”