The founder of 99p Stores, Nadir Lalani has been elected as executive chairman of Poundstretcher. He is expected to take his office on October 1, this year.
Sharing his views on the latest top appointment, Poundstretcher property director Gerry Loughran said, "We're putting the right people in the right place."
The new appointment came amid Poundstretcher seeks to purchase 200 stores previously owned by the defunct Poundworld chain. Poundstretcher has already landed the leases to seven and reshaped and reopened them under its own brand banner.
The company also expects to open 50 more stores this year.
Lalani started 99p Stores in 2001. He was the chief executive officer (CEO) before the chain was purchased by the rival Poundland in 2015.
The number of 99p Stores branches had increased to 251 when the Lalani decided to sell the chain it to Poundland for £55 million. After the purchase of Lalani’s chain, Poundland transformed most of the property to its own banner and closed 60 stores.
The incident occurred on the same day Labour leader Sir Keir Starmer addressed the audience at London Tech WeekGetty Images