Discount retailer 99p Stores has appointed advisors to work on a strategic review of the business that could lead to a sale.

DC Advisory Partners has been hired, and sources told the Telegraph the business could fetch between £60m and £80m.

99p Stores founders, the Lalani family, are thought to own a 50% stake, with Barclays Ventures owning 25%. The remainder of the shares are owned by private investors.

Nadir Lalani founded the business in 2001. It now trades from more than 130 stores and has ambitions to 600 across the UK in the next 10 years.

Last year it launched a multi-price format, Family Bargains, as revealed by Retail Week in June.

Its rival Poundland was sold by Advent International last year for around £200m, to US private equity firm Warbug Pincus.