Get ready to see more Poundland shops popping up around west London, as the UK's top budget retail chain has announced it is buying up 99p Stores.
Poundland - whose shops around our area will soon be multiplying - is snapping up its rival for £55m.
The deal, comprising £47m cash and £7.5m in new shares, will be partly funded by a share placing and will also provide Poundland with a warehouse and distribution centre.
Jim McCarthy, Poundland chief executive, said: "This is a good deal for both businesses and will benefit customers and shareholders.
"Through working together, Poundland will improve choice, value and service for 99p Stores' customers, bringing Poundland's know-how and range to 99p Stores."
Talks were held with the Competition and Markets Authority and the deal was dependent on the regulator's approval.
Family-run chain 99p Stores was founded in 2001 and currently has 251 shops which trade under 99p Stores and Family Bargains.
These include outlets in Ealing, Harrow and Hounslow.
The chain's annual sales hit £370.4m in the year to February 2014 and underlying earnings were £6.1m.
It is not currently known when the 99p Stores and Family Bargains will be converted into Poundland, but the change is expected to take place gradually.
