Poundland has triggered a full “phase II” investigation by the Competition and Markets Authority after the chain confirmed it would push on with its proposed acquisition of rival 99p Stores.
The regulator announced last month that it would launch an in-depth investigation into the proposed £55m acquisition unless Poundland agreed to sell 80 shops in areas where the two companies dominated the discount retail market.
Poundland had three weeks to decide whether to acquiesce to the proposal or face a full investigation and it today confirmed that it wished to push ahead with the deal, arguing it would provide better choice for 99p Store customers.
Poundland chief executive Jim McCarthy, said: “We look forward to working with the CMA in Phase II in order to ensure that we can deliver an improvement in choice, value and service for 99p Stores’ customers.”
