Poundland's £55 million takeover of the 99p Store has finally been approved by competition regulators.

The Competition and Markets Authority (CMA) said that the merger would not result in any "substantial lessening of competition". It went on to say that customers would not see a "reduction in choice, value or quality of service as a result of the merger".

It also pointed to rival retailer Poundworld, which it said would continue to offer competition in the budget market.

Poundland says it will now complete the deal by the end of the month.