German discounter Aldi plans to open 100 new stores across the UK over the next two years.

The retailer is also set to invest £1 billion in more than doubling its store estate within the M25, after posting record financial results, as reported by Retail Gazette.

Aldi, which has stores across the county, posted an 11 per cent increase in sales to £11.3 billion in the year to 31st December. But profits before tax fell 18 per cent to £182.2 million, due to ongoing investments in infrastructure and promotional pricing.

Aldi plans to expand its store presence within the M25 from 45 stores to 100 stores by the end of 2025. The company said its market share in London is currently just 3.4 per cent, compared to 8.1 per cent nationally. Aldi believes there is big potential for sale in the capital, as London shoppers have said they would use Aldi if there was one nearby.

Aldi currently has 840 stores across the UK and Ireland. The new stores will be a mix of standard sized supermarkets and smaller local stores. Stores in Watford, Sydenham and Blackheath have already been confirmed.