28 Sep 2015 17:48
28 September 2015
POUNDLAND GROUP PLC
Acquisition of 99p Stores Ltd for an enterprise value of £55 million
Poundland Group plc ("Poundland" or "the Group"), Europe's leading single price general merchandise retailer and 99p Stores Ltd ("99p Stores"), a UK value general merchandise retailer, are pleased to announce that Poundland has acquired 99p Stores for £55 million, including cash consideration of approximately £51.5 million and the issue of new Poundland Shares with a value of approximately £3.5 million at closing ("the Acquisition").
The Acquisition includes 99p Stores' network of 251 stores (trading as '99p Stores' and 'Family Bargains'), which serve more than two million customers a week, as well as its warehouse and distribution centre.
The cash element of the consideration (comprising approximately £51.5 million) and the cash costs associated with the integration and restructuring of 99p Stores has been funded by an equity placing which completed on Friday 25 September 2015 and an increase in Poundland's revolving credit facilities, reflecting its focus on preserving a conservative financial profile to support the capital investment plans in its business.
Investor Enquiries: | |
Nick Hateley, Chief Financial Officer | +44 (0) 121 568 7000 |
Philip Dorgan, Head of Investor Relations | +44 (0) 121 568 7000 |
Media Enquiries: | |
Citigate Dewe Rogerson | |
Simon Rigby | +44 (0) 207 282 2847 |
Angharad Couch | +44 (0) 207 282 2941 |
About Poundland
Poundland plc joined the premium segment of the London Stock Market in March 2014.
Poundland is Europe's largest single price value general merchandise retailer and winner of the 2014 Grocer Awards for Variety Discount Retailer of the Year. Nearly 600 stores have been opened in the UK, the Republic of Ireland and Spain since 1990. In the Republic of Ireland and Spain, Poundland trades under the Dealz brand. Poundland sells quality top brands and own brand products all for the single price point of £1, providing customers with amazing value every day.
Serving an average of 5 million customers every week Poundland offers an irresistible shopping experience where shoppers are guaranteed to find approximately 3,000 quality products per store and over 1,000 well-known brands, across 17 shopping categories including food and drink, health and beauty, household, gardening, DIY, Pet, Stationery, Books, DVDs and Toys. Last year, Poundland launched its first ever celebrity-endorsed range, Jane Asher's Kitchen, which has been a great success and, in April 2015, Poundland plans to launch Tommy Walsh's DIY range. This includes around 200 products, which have been over a year in development.
For more information about Poundland, please visit:
www.poundland.co.uk
www.Facebook.com/Poundland
www.twitter.com/poundland