Budget retail chain may fetch £60m

The founding family of 99p Stores is hoping to pocket up to £60 million by selling the value retailer which has thrived in the economic downturn, it has been reported.

Nadir Lalani opened the first store in Holloway in 2001, but it now has nearly 150 outlets following an aggressive expansion drive that has seen it move into dozens of former-Woolworths stores since the chain's collapse in 2008.