By Jonathan Davies

Poundland has agreed a deal to buy the 99p Store for £55m.

The two budget retailers have signed a conditional deal which is subject to approval from competition authorities.

In time, the 99p Stores and Family Bargains will be re-branded as Poundland stores.

Poundland chief executive Jim McCarthy said: "Through working together, Poundland will improve choice, value and service for 99p Stores' customers, bringing Poundland's proven know-how and range to 99p Stores."

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