Poundland
Sales rise excluding Spain 11.8%
The decision by the Competition & Markets Authority to refer Poundland’s £55 million purchase of 99p Stores looks perverse. The CMA has found eighty areas where the two would seem to compete, and another twelve where they might if planned Poundland openings go ahead.
This, the regulator says, could lessen competition between the two chains. What, exactly, is Poundland expected to do? It can hardly put the prices up, although admittedly the conversion of 99 branches to its own would mean a swingeing 1p rise in the cost of each item.
We are where we are. Poundland has until tomorrow to make its response, though in all probability it will request another three weeks’ grace — the deal had