Brothers Hussein and Faisal Lalani - co-founders of UK recession-beaters 99p Stores - have landed the Asian Business Enterprise Award at the Eastern Eye Business Award for 2010.

The brothers have helped turn their high street value retailer from one-man band to national brand in less than a decade. With their father Nadir they set up 99p Stores in 2001 and today there are 130 outlets, with new stores opening up every week.

Said Hussein: "This award is dedicated to our family of 99p staff and shoppers. We are delighted to receive it.

"It’s been - and still is - a great journey being at the helm of this great retail revolution."

Hussein is commercial director and Faisal is buying director of the single sub-price £1 retailer. They were presented with their award by Sadiq Khan MP.

The burgeoning bargain 99p Stores first opened in Holloway, North London, before a year later beginning expansion plans - anticipating Britons would soon become more cost-conscious. 

It was a calculated risk. But it paid off and today there are currently 130 branches throughout the UK and by the end of this year 99p Stores expects to have around 200 UK outlets and a new state-of-the-art national distribution centre in Northampton which will be two and a half times the size of its present HQ in Daventry, Northants.

The awards ceremony took place on Friday (26 March 2010) in London and was attended by a 700-strong audience and hosted by broadcaster Nikki Bedi.

Kalpesh Solanki, group managing editor for the Asian Media & Marketing Group, publishers of Eastern Eye, said: "This year’s winners show that Asian entrepreneurship is well and truly alive - even in these very tough times."