Home Bargains discount boss picks up £20m dividend bargain
Home Bargains owner handed over £20m in dividends last year despite retailer profits falling 26%
The billionaire owner of Home Bargains received more than £20 million in dividends last year, despite the retailer’s profit falling 26 per cent.
TJ Morris, who runs the discount chain, posted a profit of £290 million for 2022 on a turnover of £3.42 billion, the latest filings show. This led to a £30 million dividend to shareholders, with the lion’s share going to CEO Tom Morris.
The Morris family, said to have a fortune of more than £5bn, sparked controversy last year when they refused to reimburse taxpayers for the pandemic.
Redeem: Home Bargains, with 570 UK outlets selling a wide range of discount products, launched in Liverpool in 1976
That was despite exploding pre-tax profits to nearly £400m.
Home Bargains, with 570 outlets across the UK selling a wide range of discount products, was founded in Liverpool in 1976. It now employs 28,000 people and is Britain’s largest independent grocer.
The company’s most recent filings stated its ambition to “eventually have between 800 and 1,000 points of sale.”
Home Bargains was contacted for comment.