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Instore receives £11.4m bid

Instore, which runs the poundstretcher chain, has confirmed a bid for the company from cash-and-carry business Crown Crest.

The offer, from Crown Crest subsidiary Seaham Investments, is 5p per share valuing Instore at £11.4 million.

Seaham Investments already has a 30.6% stake and will have a majority stake of around 51% after the deal.

Instore has more than 300 stores in the UK under the Instore and Poundstretcher names.

Sales were £296.8 million for the the year to March 1, but losses after tax and exceptional items were £7.9m.

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