Thu, 12 May 2011 | COMMERCIAL PROPERTY
The rapidly-expanding budget retailer, 99p Stores, has swooped with an offer to buy up some of the leases held by DIY chain, Focus, which fell into administration this week.
The co-founder and commercial director of 99p Stores, Hussein Lalani, said that the administration of Focus had gouged a deep hole in shopping centres across the country, but had left opportunities for other businesses to take up prime space.
"I see that 160 shopping centres across the country have lost their anchor tenant, and I want to be the retailer to fill those stores," he said.
The company entered administration last week, after announcing that it was about to default on its loans. Administrators from Ernst & Young were appointed to take care of the process and they were said to be seeking offers to sell the business as a going concern.
Mr Lalani said that if his offer for the premises is successful then he hopes to be able to offer jobs to Focus employees at the new 99p Stores outlets that are set up.
The company has been a rare success story to emerge from the recession, constantly undertaking expansion moves. It opened its 143rd store just last week, in Redditch, and has plans to open another 12 across the country in the next year - which could be significantly increased if the Focus deal is successful.
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