99p Stores has extended its £25m banking facility with Barclays to fund a raft of new stores.

The single-price retailer plans to open 70 stores by the end of 2015, which would take its store estate to 310.

99p Stores chief executive Nadir Lalani said: “I am very proud of the growth we have achieved with 99p Stores so far but we know from the popularity of our stores and customer feedback that there is still a substantial opportunity to grow much further.”

Glen McDonald, relationship director at Barclays Northampton & Milton Keynes, said: “99p Stores and Family Bargains is a fantastic success story in what is a very challenging environment for retailers.”

99p Stores cancelled a property review last week, which focused on four loss-making stores, after hiring new chief operating officer Tony Brown. He will be responsible for improving the performance of the store estate.