Value fashion giant Primark sees scope to more than double store numbers as it considers its next phase of overseas expansion.

The 220-store retailer has only 30 shops overseas at the moment. The bulk of its portfolio is in the UK and Ireland.

However Primark bosses told analysts from Shore Capital that there could be as many as 300 shop openings in continental Europe.

The broker said: “Management talked of the potential for 150 stores across Germany, with at least that number across its other international markets – Spain, Portugal, Holland and Belgium.

“We believe Germany offers particular potential given the tired and under-invested nature of much of the existing retail infrastructure.”

At present Primark has 20 shops in Spain, two in the Netherlands, four in Portugal, three in Germany and one in Belgium.